Supported by expectations of rate cuts and clearer data, gold holds steady above $4,100
ChainCatcher News, the spot gold price remains above the $4,100 mark due to signs of weakness in the US labor market and Congress nearing the end of a government shutdown. New private sector data shows that US companies averaged 11,250 layoffs per week in the four weeks ending late October, reinforcing expectations for further interest rate cuts this year.
Meanwhile, Soojin Kim, an analyst at Mitsubishi UFJ Financial Group, stated: "The government is about to reopen, and it is expected that access to official economic data will resume, providing clarity for future monetary policy decisions." Supported by central bank purchases and its appeal as a hedge against global uncertainty, the precious metal has maintained a 56% increase this year. (Golden Ten Data)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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