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Gold prices fluctuate amid weak US jobs data and strong dollar
Gold prices faced downward pressure as a strengthening US dollar offset support from cooling US labor market data. Spot gold traded near $4,138 per ounce, following a weekly decline of approximately 3.4 percent.
Recent US economic reports indicated a slowdown in hiring, with nonfarm payrolls increasing by only 29,000 in September, significantly below expectations. The unemployment rate rose to 4.2 percent, and annual wage growth slowed to 3 percent. These figures have shifted market expectations regarding Federal Reserve policy, with traders now pricing an 18 percent probability of an interest rate hike in October.
While the strong US dollar makes bullion more expensive for international buyers, the reduced likelihood of immediate rate hikes provides some underlying support for the metal. Geopolitical tensions in the Middle East also remain a key factor for market volatility, influencing both gold and oil prices.
Entities
Brent crude · Bursa Malaysia Derivatives · CME Group · Deutsche Bank · Federal Reserve · Gold · Gold · Grand Bazaar · HSBC · Jewelry Exporters Association · Morgan Stanley · OPEC+
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Gold ounce prices fell by more than 6 percent in September.
- [● 3 SOURCES] Gram gold buying price was 6,541.91 TL and selling price was 6,542.72 TL on October 4. www.takagazete.com.tr · www.ilgazetesi.com.tr
- [○ 1 SOURCE] Rising US Treasury yields contributed to the downward pressure on gold prices.
- [● 4 SOURCES] The global spot price for gold (ounce) was approximately 4,141.89 USD to 4,142.40 USD. www.takagazete.com.tr · www.ilgazetesi.com.tr
- [● 2 SOURCES] Republic gold selling price was 44,619.00 TL. www.takagazete.com.tr
- [○ 1 SOURCE] Quarter gold selling price was approximately 10,763.00 TL. www.takagazete.com.tr
- [● 10 SOURCES] The US unemployment rate rose to 4.2%. www.cnbce.com · www.ogunhaber.com · anlatilaninotesi.com.tr · www.bloomberght.com · paratic.com · +4 more
- [● 2 SOURCES] The Saudi-backed Yemen government launched a military operation to reclaim areas controlled by Houthi rebels. www.bloomberght.com
- [● 10 SOURCES] US non-farm payrolls increased by only 29,000 in September. www.cnbce.com · www.ogunhaber.com · anlatilaninotesi.com.tr · www.bloomberght.com · paratic.com · +4 more
- [● 7 SOURCES] Market pricing for a Federal Reserve interest rate hike in October fell to approximately 22%. www.ogunhaber.com · anlatilaninotesi.com.tr · www.bloomberght.com · economymiddleeast.com · www.businesstimes.com.sg · +2 more
- [● 4 SOURCES] Gold prices rose to approximately 4,158 dollars per ounce. www.ogunhaber.com · anlatilaninotesi.com.tr · www.bloomberght.com
- [● 3 SOURCES] US 10-year Treasury yields reached levels near their highest since 2002. www.f5haber.com