Gold rises ahead of US job data

Gold bars

Gold prices rose in the first session in November as investors awaited the release of the US monthly jobs report amid expectations that the Federal Reserve might cut interest rates by 25 basis points at its upcoming meeting.

Gold futures for December delivery increased by 0.46%, or $12.7, to $2,762 per ounce as of 10:04 a.m. KSA time, while spot gold rose 0.28% to $2,751.64 per ounce.

Silver futures for December delivery rose by 0.15% to $32.845 per ounce, while spot platinum prices fell by 0.44% to $990.11 per ounce.

The most actively traded gold contracts gained 3.4% in October and are up about 0.3% for the current week, despite a 1.80% drop yesterday.

The recent rise in Middle East geopolitical tensions, along with the approaching U.S. elections, has supported gold's performance this week and over the past month.

Investors are closely monitoring the release of the U.S. monthly jobs report today to assess labor market conditions and gather more insights on the likely direction of interest rates ahead of the upcoming Federal Reserve meeting on Nov. 6-7.