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Gold price climbs above $4,300 amid weaker dollar and Fed rate cut bets - YAHOO FINANCE
Gold (GC=F)
Gold prices edged higher on Wednesday after a US jobs report showed the unemployment rate rose last month, reinforcing market expectations of further interest rate cuts by the Federal Reserve and pushing the dollar lower.All
Gold futures rose 0.3% to $4,347.10 an ounce, while spot gold climbed 0.8% to $4,314.10 at the time of writing.
The US dollar index (DX-Y.NYB), which tracks the greenback against a basket of six major currencies, slipped to a two-month low, making dollar-denominated bullion cheaper for overseas buyers.
“The data gives the Fed more reason to cut rates and if they cut rates, that's bullish for gold ... that's the way the market's interpreting it right now,” said Bob Haberkorn, senior market strategist at RJO Futures.
US job growth rebounded in November, but the unemployment rate rose to 4.6%, against a backdrop of economic uncertainty linked to president Donald Trump’s aggressive trade policy.
The Federal Open Market Committee announced a quarter-point rate cut last week, with comments from chair Jerome Powell seen by investors as less hawkish than expected. Markets are still pricing in two additional 25 basis-point cuts in 2026. Non-yielding gold typically benefits from a low interest rate environment.
Investors are now awaiting November’s US consumer price index, due later today, and the personal consumption expenditures index, due on Friday.
