Gold rises as markets await US employment data - Economies.com

AI desk brief

Gold edged 0.4% higher to $4,171.19/oz and December futures rose 0.4% to $4,202.30/oz as softer-than-expected US inflation offset a stronger dollar and 10-year Treasury yields at two-decade highs. The market has repriced an October Fed hike to 28% from 45% before the CPI print and 69% a week earlier, putting Friday’s US nonfarm payrolls in focus for the next move.

HSBC cut its 2026/27 average gold forecasts to $4,490 and $4,825/oz, saying near-term pressure may persist but prices are approaching a bottom. The bank expects central banks to resume buying on dips, particularly below $4,000/oz, while rising oil prices add a fresh inflation concern after China suspended petroleum product exports.