{"id":6249,"date":"2023-09-03T15:07:09","date_gmt":"2023-09-03T15:07:09","guid":{"rendered":"https:\/\/prosfunds.com\/investing\/gold-prices-log-highest-finish-since-early-august-as-traders-await-u-s-inflation-labor-market-data\/"},"modified":"2023-09-03T15:07:09","modified_gmt":"2023-09-03T15:07:09","slug":"gold-prices-log-highest-finish-since-early-august-as-traders-await-u-s-inflation-labor-market-data","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=6249","title":{"rendered":"Gold prices log highest finish since early August as traders await U.S. inflation, labor-market data"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002454456\" role=\"document\">\n<p>Gold futures settled at their highest price since early August on Wednesday, buoyed by some weakness in the U.S. dollar and Treasury yields, as traders awaited more data on the U.S. labor market. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for December delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.05%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"negative\">-0.05%<\/bg-quote><br \/>\n       gained $7.90, or 0.4%, to settle at $1,973 per ounce, the highest finish for a most-active contract since Aug. 4, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      Silver futures for December delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.07%<\/bg-quote><\/p>\n<p>        SIZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210319449\/delayed\" class=\"negative\">-0.07%<\/bg-quote><br \/>\n       shed 4 cents, or 0.1%, to $25.10 an ounce. <\/p>\n<\/li>\n<li>\n      October platinum<br \/>\n        PL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210261555\/delayed\" class=\"negative\">-0.58%<\/bg-quote><\/p>\n<p>        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"negative\">-0.58%<\/bg-quote><br \/>\n       shed $2.80, or 0.3%, to $983.30 per ounce, while palladium for December delivery<br \/>\n        PA00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210237962\/delayed\" class=\"negative\">-0.56%<\/bg-quote><\/p>\n<p>        PAZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/239302145\/delayed\" class=\"negative\">-0.56%<\/bg-quote><br \/>\n       fell by $28.20, or 2.2%, to $1,229 per ounce. <\/p>\n<\/li>\n<li>\n      Copper for December delivery<br \/>\n        HG00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210054311\/delayed\" class=\"negative\">-0.04%<\/bg-quote><\/p>\n<p>        HGZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210059556\/delayed\" class=\"negative\">-0.04%<\/bg-quote><br \/>\n       added a penny, or  0.1%, to $3.84 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold prices got a boost following the latest batch of softer-than-expected U.S. economic data, which has helped bolster investors\u2019 hopes that the Federal Reserve might forego more interest rate hikes.<\/p>\n<div class=\"paywall\">\n<p>The U.S. grew at a somewhat slower 2.1% annual pace in the second quarter revised figures, released Wednesday, show. That\u2019s down from an initial 2.4% GDP growth. <\/p>\n<p>A batch of softer-than-expected data on U.S. job openings and consumer confidence helped support stocks and gold on Tuesday. Prior to that, a batch of weak PMI survey data out of the U.S. and Europe last week helped support the notion that the U.S. economy might finally be slowing, even as the Atlanta Fed\u2019s GDP NowCast expects the U.S. economy to expand by nearly 6% in the third quarter.<\/p>\n<p>Given how several more key U.S. economic indicators are scheduled this week, \u201cgold could experience a rapid change of fortune if they all disappoint and raise questions around how much headroom the Fed has left to keep raising rates,\u201d Lukman Otunuga, manager, market analysis, at FXTM told MarketWatch.<\/p>\n<p>All eyes will be on the nonfarm payrolls report Friday, he said. \u201cGiven the Fed\u2019s shift to data dependence, this report could spark explosive levels of volatility across the board.\u201d  PCE inflation data for July will also be released on Thursday. <\/p>\n<p>Traders are currently pricing in an 11.5% probability of a 25 basis point hike at the September meeting, with this rising to 44.1% by November, according to the CME FedWatch Tool. \u201cThe pending jobs report is likely to influence these expectations, ultimately impacting gold prices,\u201d  said Otunuga.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-climb-to-3-week-high-as-traders-await-u-s-inflation-labor-market-data-2f53ce65?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures settled at their highest price since early August on Wednesday, buoyed by some weakness in the U.S. dollar and Treasury yields, as traders awaited more data on the U.S. labor market. Price action Gold futures for December delivery GC00, -0.05% GCZ23, -0.05% gained $7.90, or 0.4%, to settle at $1,973 per ounce, the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[32],"tags":[],"class_list":{"0":"post-6249","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices log highest finish since early August as traders await U.S. inflation, labor-market data | Prosfunds<\/title>\n<meta name=\"description\" content=\"Gold futures settled at their highest price since early August on Wednesday, buoyed by some weakness in the U.S. dollar and Treasury yields, as traders\" \/>\n<meta name=\"robots\" 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