Gold prices edge lower ahead of US job data

Gold prices declined slightly today, Dec. 2, amid investor anticipation of the US job data.

Investors expect the US economy to add 200,000 jobs in November, compared with 261,000 in October.

Federal Reserve Chairman Jerome Powell confirmed that a smaller interest rate increase is likely in December.

Investors forecast the Fed to raise the interest rate by 50 basis points (bps), compared with the 75-point hike in the previous four meetings.

Gold futures for February delivery fell by 0.14%, or $2.50, to $1,812.70 an ounce at 9:15 am Makkah time. Spot prices also dropped by 0.19%, or $3.35, to $1,799.75 an ounce.

Silver futures for March delivery were up 1.07% to $23.09 per ounce, while spot prices for platinum lost 0.14% to $1,043.41. Palladium prices decreased 0.59% to $1,929.87.