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Metals: gold is holding up

06/09/2024
Source : ORISHAS-FINANCE
Categories: Raw materials

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A Ahead of the US employment data, gold is holding steady below its one-week high.

While market participants focused on U.S. employment data that could determine the extent of an expected rate cut this month, gold held below its highest level in a week on Friday and was on track for make a weekly gain. US gold futures rose 0.1% to $2,545.70. Spot gold was little changed at $2,516.00 per ounce at 0221 GMT, after reaching a one-week high of $2,523.29 in the previous session. The ingot rose by 0.5% for the week and 22% for the year so far. According to Sugandha Sachdeva, founder of SS WealthStreet, a research firm based in New Delhi, “gold prices are likely to rise if the next NFP report shows signs of weakness in the labor market, although the market may

experience episodes of volatility.”

Among other metals, spot silver fell 0.2% to $28.75 per ounce, while platinum gained 0.4% to $928.23 per ounce. Palladium fell by 0.1% to 940.11 dollars and was heading

for a weekly loss.
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