Update prices
He did not testify gold There was a slight change in spot transactions, reaching $2,643.68 per ounce as of 0013 GMT. Gold futures in the United States fell 0.1 percent to $2,662.90.
Markets are awaiting the release of the minutes of the Federal Reserve’s latest monetary policy meeting Federal Wednesday, followed by the US Consumer Price Index report on Thursday and Producer Price Index data on Friday. A number of US Central Bank officials will also speak this week, which will give investors clues about the future path of interest rates.
After the stronger-than-expected jobs report released on Friday, traders retreated from betting on a 50 basis point cut in interest rates in November. They now see an 86 percent chance of lower prices Interest By 25 basis points and a 14 percent chance that the US central bank will not cut interest rates at all, according to the CME Group’s FedWatch tool.
The report showed that job gains in the United States increased by the most in six months in September, and the unemployment rate fell to 4.1 percent, indicating the strength of the economy.
St. Louis Fed President Alberto Musalem said he supports further interest rate cuts as the economy gains strength, but noted that it is appropriate for the central bank to be cautious and not to ease monetary policy too much.
Gold is considered a hedge in times of geopolitical uncertainty and tends to rebound in a low interest rate environment.
In the Middle East, the Lebanese Hezbollah group fired missiles at Haifa, Israel’s third largest city, on Monday, while Israel appears to be preparing to expand its ground incursion into southern Lebanon, a year after the attack launched by Hamas on Israel, which sparked the war in Gaza.
Yesterday, Monday, data showed that the Chinese Central Bank refrained from buying gold to enhance its reserves for the fifth month in a row in September, which was mainly due to the rise in prices of the yellow metal.
For other precious metals, it lost Silver 0.2 percent to $31.66 per ounce. Platinum prices rose 0.4 percent to $976.10, and palladium gained 0.4 percent to reach $1,028.00 per ounce.
