Gold ends two-day winning streak; spot climbs 0.7% to $4,057.92 as Fed hike odds seen at 64%
AI Market Summary
Weaker-than-expected U.S. jobs data and falling oil prices are reinforcing expectations that inflation pressures are easing, improving near-term support for precious metals. Spot gold rose ~0.7% while silver outperformed, even as U.S. gold futures dipped modestly, highlighting positioning ahead of upcoming nonfarm payrolls and the Fed path. With FedWatch still pricing meaningful September hike odds, rates sensitivity remains the key swing factor for gold.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+2.34%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Weaker-than-expected U.S. jobs data and a slide in oil prices strengthened expectations that inflation pressures may ease, while traders put the odds of a September rate hike at about 64%, according to the CME FedWatch Tool. Spot gold rose 0.7% to $4,057.92 per ounce and spot silver gained 1.6% to $60.06 per ounce. In India, MCX gold futures fell Rs 548, while MCX silver futures rose Rs 1,263. Analysts cited support levels of $4,040-3,994 for gold and $58.80-57.40 for silver in the near term.
