Gold recovered much of Friday’s early decline but remained down 0.3% at $4,074.36 an ounce at 1854 GMT on November 6, Reuters reports. It had earlier touched $4,033.29. The metal was still up 5.2% for the week at that observation. Stronger U.S. payrolls lifted the dollar and yields; CME pricing cited by Reuters put the chance of a December Fed hike at 81%, versus 72.8% before the report.
Related currencies / asset groups: XAU · XAG · XPT
Reuters links the gold pullback to stronger payrolls, a rising dollar and yields, and firmer expectations for a December Fed hike.
Reuters reported spot gold down 0.3% at $4,074.36 per ounce at 1854 GMT on November 6 after an earlier $4,033.29 low, while still up 5.2% for the week at that observation.
in.marketscreener.comCME FedWatch pricing cited by Reuters put the chance of a December Fed hike at 81%, compared with 72.8% before the payrolls report.
in.marketscreener.comReuters reported that lower prices encouraged Indian retail gold buying ahead of Diwali.
in.marketscreener.comLimitation: gold had recovered much of its early decline and was still up for the week at the reported observation; lower prices encouraged Indian physical buying.
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