Dec 6 2024: Gold prices climbed slightly in Asian trading on Friday, with spot gold up 0.4% at $2,642.03 per ounce and February gold futures rising 0.6% to $2,663.72. Investors remain focused on U.S. nonfarm payrolls data, which could provide insights into the Federal Reserve’s interest rate trajectory. Geopolitical uncertainties, including France’s government turmoil, tensions in the Middle East, and strained Russia-Ukraine relations, also bolstered safe-haven demand.
Nonfarm Payrolls to Guide Rate Expectations
Markets are anticipating November’s payrolls data, which could show a recovery from October’s hurricane-induced weakness. A strong labor market may dampen prospects for interest rate cuts, despite expectations for a 25 basis point reduction at the Fed’s year-end meeting. However, recent Fed commentary and the potential for expansionary policies under President-elect Trump have raised questions about the long-term interest rate outlook.
Broader Precious Metals and Industrial Markets See Mixed Trends
Platinum rose 0.7% to $951.55 an ounce, and silver gained 1.3% to $31.935 but remained on track for monthly losses. Copper prices were supported by tight supply concerns, with London Metal Exchange futures up 0.5% at $9,136.0 per ton. Reports of reduced processing fees for copper concentrate in 2025 and upcoming Chinese economic data also fueled optimism in the industrial metals market.
