Gold price rises on dollar weakness, focus on US data ahead

Gold prices inched higher on Monday as support from a weaker dollar overshadowed improved risk appetite, while investors await US jobs data due this week to gauge their next moves.Spot gold rose 0.4% at $3,287.10 per ounce by 10:45 a.m. ET, having fallen to a one-month low of $3,248.42 earlier in the session.US gold futures also registered a 0.4% gain, trading at $3,300.80 per ounce in New York.Meanwhile, the US dollar index hovered near its lowest level since March 2022, making bullion less expensive for holders of other currencies.“A weaker US dollar and the ongoing pressure of President (Donald) Trump on the US Federal Reserve to cut interest rates” are supporting gold, said Giovanni Staunovo, an analyst at UBS.For weeks, Trump has toyed with the idea of selecting a new Federal Reserve chair to replace incumbent Jerome Powell. Last Friday, the President said that he would not appoint anyone “who would not support lowering interest rates.”On the US data front, investors are waiting on the ADP employment and non-farm payrolls reports due later this week, which could provide insights into the Fed’s future path for interest rate cuts.The focus remains on whether the data suggests a further slowdown in economic activity, which would allow the US central bank to cut interest rates, Staunovo added.(With files from Reuters)Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com