“Gold steadied after two days of gains as traders weighed the prospect of the Federal Reserve easing monetary policy ahead of key jobs data due this week.”, — write: epravda.com.ua
Gold stabilized after a two-day gain as traders weighed the prospects for easing monetary policy by the Federal Reserve ahead of the release of key employment data due this week, according to Bloomberg. Bullion was trading at $2,660 an ounce after rising 0.5% on Wednesday, when a report showed U.S. private sector employment and wage growth slowed in December. The Fed will need to balance that against renewed inflation concerns when deciding whether to cut rates, and minutes from the central bank’s meeting last month confirmed a more cautious approach to easing.Advertisement: Lower borrowing costs are usually positive for gold, which offers no interest. Traders are now turning their attention to December employment data due on Friday, which is expected to show modest but still healthy employment growth that economists expect will continue into 2025. Last year, the price of banking metals rose by a record 27%, thanks in part to the easing of US monetary policy, but after Trump’s victory in the US election, the dollar weakened.