Gold rises ahead of US labor market data

30/07/2024 Argaam

Gold alloys

Gold prices rose on Tuesday as investors awaited important data on the US labor market this week and the start of the Federal Reserve's meeting, which ends on July 31.

 

The prices of the most active gold futures contracts for December delivery rose 0.40%, or $9.6, to $2,435.10 per ounce at 10:08 am KSA time.

 

Spot gold rose by 0.27% to $2,390.54 per ounce. Silver futures for September delivery gained 0.80% to $28.09, and the spot price of platinum rose by 0.45% to $956.90 per ounce.

 

US monetary policymakers are meeting over two days until tomorrow to decide on the key interest rate, with expectations for maintaining it within its current range of 5.25% to 5.50%.

 

However, the possibility of the Federal Reserve easing financing conditions at its next meeting in September contributes to the improved performance of basic commodities, especially precious metals.

 

Investors are awaiting the release of data on job opportunities available in the US today, with an expected decline to 8.02 million jobs in June from 8.14 million in May.

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