Gold prices rise as dollar falls

04/12/2024 Argaam
Gold bars

Gold bars

Gold prices trimmed gains on Tuesday's volatile trading after economic data showed US labor market resilience, supporting a cautious approach by the Federal Reserve in lowering interest rates.

 

Gold futures for February delivery increased by 0.35%, or $9.4, to settle at $2,667.90 per ounce.

 

The US dollar index, which measures the performance of the US dollar against a basket of six major currencies, dropped by 0.1% to 106.36 points at 10:57 pm Makkah time.

 

The US job openings increased to 7.74 million in October, up from the revised 7.37 million in September, compared to the expected 7.51 million, data from the US Bureau of Labor Statistics showed.

 

Investors are anticipating the ADP report on the US labor market and a speech by Federal Reserve Chairman Jerome Powell on Wednesday, ahead of the monthly jobs report due on Friday.

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