Gold prices firm as US jobs data fuels rate-cut bets

GOLD prices rose on Thursday, as signs of a cooling 10-year Treasury notes hovered near a three-month low.

Spot gold was up 0.1 per cent at US$2,027.12 per ounce by 0159 GMT.

US gold futures fell 0.2 per cent to US$2,044.10.

Data on Wednesday showed that US unit labour costs were much weaker than initially thought in the third quarter amid robust worker productivity.

Lower interest rates tend to support non-interest-bearing bullion.

Investors now await key US non-farm payrolls data on Friday, which could help further gauge the rate outlook, ahead of the Fed’s updated economic and interest rate projections at their Dec 12-13 policy meeting.

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Gold steady as markets await US jobs data

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Traders are pricing in about a 60 per cent chance of a rate cut by March next year, CME’s FedWatch Tool shows.

Spot silver fell 0.4 per cent to US$23.79 per ounce, while platinum dropped 0.3 per cent to US$887.40 and palladium edged 0.1 per cent lower to US$942.40 per ounce. REUTERS