Gold holds steady ahead of U.S. non-farm payrolls numbers

Gold futures closed unchanged on Thursday (Oct. 6) ahead of today’s release of September non-farm payrolls data by the U.S. Labor Department.

  • The gold contract closed at $1,720.8 per ounce.
  • Silver futures were up 11.6 cents, or 0.56%, at $20.66 an ounce.
  • The platinum contract was up $7.2, or 0.79%, at $921.8 per ounce.
  • Palladium was up $19.60, or 0.9%, at $2,275.50 an ounce.

Trading conditions in the gold market continue to be weighed down by the strong dollar and rising bond yields. The dollar index rose 1.07% to 112.2590 against the six major currencies in a basket of currencies, while the yield on the 10-year U.S. Treasury bond rose again to 3.811%.

The strong dollar has made gold contracts priced in dollars more expensive for investors holding other currencies, while a rise in U.S. treasury bond yields will increase the cost of owning gold. This is because gold is an asset that does not yield interest.

The main focus of the markets is on today’s release of non-farm payrolls. Analysts have predicted that the number of jobs increased by only 265,000 in September, after an increase of 315,000 jobs in August. The unemployment rate is expected to remain stable at 3.7%.

The Spot Market is Open

Friday, October 7, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
10.45
1,710.30
1,711.30
-2.50
-0.15%
1,708.90
1,714.20
Silver
10.45
20.70
20.81
+0.08
+0.36%
20.50
20.84
Platinum
10.45
920.00
930.00
0.00
0.00%
917.00
930.00
Palladium
10.40
2,186.00
2,336.00
-10.00
-046%
2,169.00
2,356.00
Rhodium
05.00
12,900.00
14,900.00
0.00
0.00%
12,900.00
14,900.00

Leave a Reply

Change Language
%d bloggers like this: