According to data from the Kitco exchange, gold spot prices in New York closed up $4.20 from the previous session’s close, settling at $2,642.20 per ounce.
Meanwhile, in the Asian market at around 10:00 a.m. Vietnam time today, the spot gold price rose $2.70 per ounce from the US close, trading at $2,644.90 per ounce.
South Korea experienced significant political turmoil as President Yoon Suk Yeol suddenly declared martial law on the night of December 3, only to revoke it a few hours later. In France, President Emmanuel Macron called on lawmakers to reject a vote that could bring down the government.
The price of the precious metal fell nearly 5% in November as the US dollar strengthened following Donald Trump’s presidential election win earlier in the month, and tensions eased somewhat due to a ceasefire between Israel and Hezbollah in Lebanon. However, year-to-date, gold prices are still up nearly 30%.
Accordingysts from JPMorgan and HSBC predict that gold’s safe-haven appeal will continue to strengthen in the coming period due to persistent geopolitical risks. The policies of President-elect Donald Trump could also heighten geopolitical risks, which would bode well for gold prices in 2025. JP Morgan forecasts that gold prices could reach $3,000 next year.
“Gold prices surged after the JOJTS report showed stronger-than-expected job openings in October, confirmingsection,” said Daniel Ghali, a commodity strategist at TD Securities.
Strong employment reports could make the Fed more cautious about cutting interest rates. Investors are now focusing on ADP’s employment report and remarks by Fed Chairman Jerome Powell today (December 4) ahead of the non-farm payrolls report on Friday.
