Gold Steady Near $4,000 as Markets Await U.S. Jobs Data

Credit: Reuters

Spot gold was little changed at $4,002.35 an ounce by 1:32 p.m. ET (1832 GMT). U.S. gold futures for December delivery settled 0.4% higher at $4,014.

"Gold is in the process of carving out a trading range, maybe in the high 3000s to the mid-4000s... this is a kind of expected consolidation after such a big move," said Marex analyst Edward Meir.

The metal, which has gained 53% this year, has dropped over 8% from a record high hit on October 20.

Investors are awaiting the release of ADP U.S. employment data due on Wednesday and ISM PMIs this week, for cues on the Fed's policy direction. The U.S. government shutdown has halted the release of key economic data, including from the Bureau of Labor Statistics.

The central bank last week cut interest rates for the second time this year, but Chair Jerome Powell said another cut this year was "not a foregone conclusion".

Traders are now pricing a 65.3% chance of a rate cut in December, down from a near certainty last week before the Fed meeting.

Non-yielding gold thrives when interest rates are low and in times of economic uncertainty.

"Gold's pause still looks like a breather, not a breakdown. Seasonal softness, temporary Chinese policy noise, and a firmer dollar explain the short-term retreat, but none change the longer-term narrative," said Ole Hansen, head of commodity strategy at Saxo Bank, in a note.

Meanwhile, China ended a long-standing tax exemption policy for some gold retailers on Saturday, potentially setting back a buying spree for the precious metal in the world's biggest consumer market.

Elsewhere, spot silver fell 0.8% to $48.25 an ounce, platinum eased 0.2% at $1,564.30 and palladium gained 0.4% to $1,439.86.

At Mercury Gold, we offer a wide range of gold bars and coins for sale in Malaysia to suit your investment needs. As a trusted source for physical gold bullion in Malaysia, we also provide secure and convenient options, including gold savings accounts (Mercury Bullion Savings (MBS) program) which starts at just RM50. Discover the best place to buy gold in Malaysia with Mercury Gold, offering competitive prices and expert guidance on where and when is the best time to buy gold in Malaysia. Explore our platform to buy gold Malaysia online, to enjoy an easy and reliable experience. Invest with confidence and let Mercury Gold be your partner in building your investment goal.

Click here to view more.