According to data from the Kitco exchange, at the close of trading, the spot gold price in New York rose $4.20 from the previous session’s close to settle at $2,642.20 per ounce.
Meanwhile, in the Asian market at around 10:00 a.m. Vietnam time this morning, 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 no-confidence vote that could topple the government.
The price of the precious metal fell nearly 5% in November as the US dollar strengthened following Donald Trump’s presidential election victory 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%.
According to analysts from JPMorgan and HSBC, gold’s safe-haven appeal will continue to strengthen in the coming period as geopolitical risks remain high. The policies of President-elect Donald Trump could also heighten geopolitical risks, which would bode well for gold prices in 2025. JP Morgan predicts gold prices could rise to $3,000 next year.
“Gold prices surged after the JOJTS report showed stronger-than-expected job openings in October, confirming our expectations for a resilient US labor market, allaying fears of a significant slowdown ahead of the highly anticipated non-farm payrolls report due out this Friday,” 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 payrolls report on Friday.
