Gold prices rise after US nonfarm payrolls
US job growth slows sharply in October, unemployment rate steady
Traders firm bets on Fed interest-rate cuts after the data
Gold hit record high of $2,790.15 on Thursday
Updates prices after US nonfarm payrolls data
By Polina Devitt
LONDON, Nov 1 (Reuters) -Gold prices roseon Friday, rebounding from profit-taking during the previous session, as the U.S. dollar weakened after data showed that U.S. job growth slowed sharply in October.
Spot gold XAU= added 0.4% to $2,754per ounce by 1248 GMT. Prices fell by 1.5% on Thursday as some traders took profit after the precious metal hit a record high of $2,790.15.
"Despite Thursday's correction, gold remains in a strong uptrend with several positive factors aligned to drive further gains," said Hugo Pascal, precious metals trader at InProved.
Bullion rose by 4% in October due to investor anxiety about the U.S. Nov. 5 presidential election. Polls indicate a close race between Donald Trump and Kamala Harris.
U.S. job growth last month was affected by disruptions from hurricanes and strikes by aerospace factory workers. However, the unemployment rate held steady, and economists expected the Federal Reserve to sort through the noise and cut interest rates by 25 basis points next week. FEDWATCH
Citi said in a note that gold prices were on track to hit $3,000 per ounce over the next six months amid a deterioration in the U.S. labour market and demand from physically backed gold exchange-traded funds (ETFs).
Global gold ETFs, which had three consecutive years of outflows against a backdrop of high interest rates, saw a fifth consecutive month of inflows in September.
Meanwhile, high gold prices, which have risen 33% so far this year and are heading for the largest annual growth since 1979, continue to affect physical demand in major Asian regions.
In China, gold consumption fell by 11% in the first nine months of 2024. In India, the share of coins and bars in sales is rising as buyers are unwilling to pay increased making charges for jewellery. GOL/AS
Among other metals, spot silver XAG= was up 0.5% at $32.80 per ounce, while platinum XPT= gained 0.9% to $996.90 and palladium XPD= added 2.9% to $1,137.50.
Spot gold price Nov 1 2024 https://tmsnrt.rs/48utazg
Reporting by Polina Devitt in London; additional reporting by Ashitha Shivaprasad in Bengaluru; editing by Barbara Lewis and Jason Neely
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