RPT-PRECIOUS-Gold little changed; investors await US payrolls data

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(Repeats to widen distribution with no changes to text) Dec 5 (Reuters) - Gold prices were little changed on Thursday as investors awaited U.S. payrolls data, due on Friday, for more cues on the Federal Reserve's monetary policy path. FUNDAMENTALS * Spot gold XAU= was flat at $2,648.89 per ounce, as of 0027 GMT. U.S. gold futures GCv1 eased 0.1% to $2,672.60. * The U.S. payroll report on Friday will be followed next week by inflation data for November. * According to the CME Group's FedWatch Tool, markets currently see a 79.3% chance of a 25-basis-points rate cut this month and 85 bps cut by end of 2025. * Fed Chair Jerome Powell on Wednesday said the economy is stronger than the central bank had expected in September, when it began trimming rates, and appeared to signal his support for a slower pace of cuts going forth. * Richmond Federal Reserve Bank President Thomas Barkin said he believed inflation and employment are headed in the right direction, but flagged risks for both. * "There's no sense of urgency" on cutting rates, San Francisco Fed Bank President Mary Daly said. * Higher rates dull non-yielding bullion's appeal. * U.S. private payrolls grew at a moderate pace in November, the ADP National Employment Report showed. U.S. services sector activity slowed in November after big gains in recent months, but remained above levels consistent with solid economic growth in the fourth quarter. * Spot silver XAG= fell 0.1% to $31.31 per ounce, platinum XPT= dropped 0.2% to $939.07 and palladium XPD= shed 0.3% to $975.48. DATA/EVENTS (GMT) 0850 France HCOB Serv, Comp PMIs Nov 0855 Germany HCOB Serv, Comp PMIs Nov 0900 EU HCOB Serv, Comp Final PMIs Nov 0930 UK S&P Global PMI: Composite Output Nov 0930 UK Reserve Assets Total Nov 1445 US S&P Global Comp, Svcs Final PMIs Nov 1500 US Factory Orders MM Oct 1500 US ISM N-Mfg PMI Nov (Reporting by Rahul Paswan in Bengaluru; Editing by Sumana Nandy) (([email protected] ; If within U.S. +1 646 223 8780;;))
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Published Date
5 Dec 2024 at 10:06 AM
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Refinitiv
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