Gold edges up; focus on US jobs data, Fed Chair's speech

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Home Business Gold edges up; focus on US jobs data, Fed Chair's speech 04-12-2024 09:52 AM Ammon News - Gold prices edged up on Wednesday helped by safe-haven demand, while markets awaited U.S. jobs data and comments from Federal Reserve Chair Jerome Powell for cues on the U.S. interest rate cut trajectory. Spot gold rose 0.2% to $2,649.09 per ounce, as of 0555 GMT. U.S. gold futures added 0.1% to $2,671.20. "Gold has appreciated slightly on safe-haven buying because of the geopolitical tensions rising in South Asia and the Eurozone," said Jigar Trivedi, a senior analyst at Reliance Securities. Gold is often seen as a safe-haven asset during times of economic or political uncertainty. According to Reuters technical analyst Wang Tao, spot gold may test support at $2,621 per ounce, a break below could open the way towards the $2,594-$2,608 range. Spot silver steadied at $31.00 per ounce, platinum dropped 0.4% to $949.61 and palladium shed 0.3% to $968.95. Reuters

Home Business

Gold edges up; focus on US jobs data, Fed Chair's speech

04-12-2024 09:52 AM

Ammon News - Gold prices edged up on Wednesday helped by safe-haven demand, while markets awaited U.S. jobs data and comments from Federal Reserve Chair Jerome Powell for cues on the U.S. interest rate cut trajectory.

Spot gold rose 0.2% to $2,649.09 per ounce, as of 0555 GMT. U.S. gold futures added 0.1% to $2,671.20.

"Gold has appreciated slightly on safe-haven buying because of the geopolitical tensions rising in South Asia and the Eurozone," said Jigar Trivedi, a senior analyst at Reliance Securities.

Gold is often seen as a safe-haven asset during times of economic or political uncertainty.

According to Reuters technical analyst Wang Tao, spot gold may test support at $2,621 per ounce, a break below could open the way towards the $2,594-$2,608 range.

Spot silver steadied at $31.00 per ounce, platinum dropped 0.4% to $949.61 and palladium shed 0.3% to $968.95.

Reuters

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