Gold slips to one-month low despite weak US jobs data; silver declines 1.3%
Gold and silver rate today on 03-05-2024: Check latest rates in your city “Gold prices remained range-bound, hovering around the $2300 mark ahead of the release of the important Nonfarm Payroll and Unemployment data later in the evening. Market projections suggest lower payrolls, which could keep gold buyers interested, as weaker-than-expected Nonfarm Payroll data typically supports gold prices. Conversely, higher-than-expected data could add selling pressure," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
While the employment figures reaffirmed anticipations of the Federal Reserve commencing interest rate reductions this year, potentially bolstering zero-yield bullion, investors, in response, opted for riskier assets instead. Safe-haven precious metals have declined by 5.7%, approximately $140, from their peak of $2,431.29 in April. This decrease was influenced by tensions in the Middle East and significant purchases by central banks.
Also read: Gold rates today: Yellow metal pulls back over high interest rates by US Fed, silver trades flat “Gold prices are stuck in a range ahead of the U.S. NFP data due later in the day. Although the U.S.
labor market remains strong, the data is likely to support the dollar and bond yields, and may weigh on risk assets including gold," said Pranav Mer, VP - Research (Commodity & Currency) BlinkX and JM Financial. Driven by gold's movement, silver declined by 1.3% to $26.35, signaling a potential weekly decrease. In contrast, platinum saw a modest gain of 0.1% to $950.76, marking an approximately 5% increase for the week thus far.
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