DNVN - In the trading session on December 4, gold prices on the international market recorded growth after data on the US labor market was released.
Illustration photo. Photo: Internet
Investors also paid attention to comments from Fed Chairman Jerome Powell and prepared for the non-farm payrolls report due on December 6.
Specifically, the spot gold price increased by 0.4% to 2,654.03 USD/ounce. Meanwhile, the gold futures price in the US inched up by 0.3% to 2,676.20 USD/ounce.
Gold prices rebounded on disappointing jobs data, independent metals trader Tai Wong said, after the market had been expecting a stronger recovery following the impact of hurricanes and the Boeing strike.
According to a report from ADP, the US private sector created only 146,000 jobs last month, lower than the 150,000 increase predicted by economists in a survey conducted by Reuters.
Powell said recent economic developments would allow the Fed to be more cautious in considering further rate cuts. Investors are now waiting for the December 6 non-farm payrolls report and next week’s inflation data to determine the Fed’s direction.
Gainesville Coins market analyst Everett Millman said the upcoming U.S. jobs report could have a significant impact on gold prices. “If the U.S. labor market sends a signal of weakness, gold prices will be pushed higher,” he said.
Several Fed officials said on December 2 that the US is on track to hit its long-term 2% inflation target despite recent upward pressure. One of them said the Fed could cut rates again this month. Traders now see a 77% chance of a 25 basis point rate cut at the Fed's December 17-18 meeting.
Considered a safe haven in times of uncertainty, gold is benefiting from global political tensions, including the situation in South Korea, France, the conflict between Russia and Ukraine, as well as escalating tensions in the Middle East.
In the Vietnamese market, on the afternoon of December 4, the price of SJC gold was listed by Saigon Jewelry Company in Hanoi at 83.00-85.50 million VND/tael (buy - sell).
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-the-gioi-ngay-5-12-tang-manh-sau-thong-tin-tieu-cuc-ve-viec-lam-tai-my/20241205081938258
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