Gold price today December 5: Price remains unchanged despite weakening USD

Gold prices were little changed on Thursday, as rising US Treasury yields offset gains and support from a weaker dollar, while markets awaited US inflation data for further clues on the Fed's policy direction.

Spot gold rose 0.1% to $4,210.49 an ounce at 18:33 GMT. February gold futures rose 0.2% to $4,243 an ounce.

Grandfather Edward Meir, analyst at Marex, commented, bond yields Higher coupons are curbing price gains gold, while the Dollar Index Index decline weak part which has a supportive effect.

Yields on 10-year U.S. Treasury notes rose during the session, while the Dollar Index hit a one-month low, making gold cheaper for overseas buyers.

Data released on Thursday showed that the number of applications for unemployment benefits in the US fell to 191,000 last week - the lowest level in more than three years and lower than the 220,000 forecast by analysts.

Meanwhile, the ADP report on Wednesday said that the number of jobs in the US private sector in November decreased by 32,000 jobs - the deepest decline in more than 2.5 years.

A majority of more than 100 economists surveyed by Reuters forecast the Fed will cut interest rates by another 25 basis points at its December 9-10 policy meeting to support the labor market.

Investors are now focused on the September Personal Consumption Expenditures (PCE) report - the Fed's preferred inflation gauge - due Friday.

Meir added that the market will not fluctuate much between now and next week, and gold will probably be "stuck" in a rather quiet trading range. Gold prices are unlikely to retest the peak of nearly $4,400 this year.

Quang Trung

Source: https://baoninhbinh.org.vn/gia-vang-hom-nay-512-gia-di-ngang-du-usd-suy-yeu-251205053349214.html