According to data from the Kitco exchange, gold spot prices in New York closed at $2,642.20 per ounce, a $4.20 increase from the previous session’s close.
Meanwhile, in the Asian market at around 10:00 a.m. Vietnam time, the spot gold price rose by $2.70 per ounce compared to the US session 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%.
Analysts 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. JPMorgan forecasts that gold prices could reach $3,000 next year.
“Gold prices surged following the JOJTS report, which showed the number of job vacancies in October, confirming our expectations for the growth of the US job market and easing concerns about a significant downturn in the labor market, just ahead of the non-farm payrolls report expected on 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 the ADP employment report and remarks by Fed Chairman Jerome Powell today (December 4) ahead of the payrolls report on Friday.
