Gold Holds Above $4,000 as Steady Labor Market Weighs on Prices - IndexBox

AI desk brief

Gold is holding above $4,000/oz, but the near-term tone has turned softer as a steady US labor market and a more hawkish Fed backdrop weigh on the metal. Initial jobless claims came in at 194,000 for the week ended Oct. 24, below the 198,000 consensus and the sixth straight week under 200,000, the longest such run since January 2023.

The article says buying interest has been hard to generate since the Fed left rates unchanged on Wednesday while reiterating its 2% inflation goal. Analysts cited in the piece say the relatively healthy labor market leaves the Fed with scope to lift rates in December; spot gold was last at $4,024.30/oz, down 1% on the day.