Gold prices rose 0.04% to close at 78,566 as investors weighed US economic strength and looked ahead to a set of US economic data that could influence the Federal Reserve’s rate decisions.
With key employment and inflation data and the US presidential election approaching, market participants are clarifying the Fed’s rate stance. The latest data points to a resilient U.S. labor market, with a significant drop in jobless claims and strong private sector momentum reflected in the S&P PMI. Despite these economic signals, geopolitical uncertainties, particularly in the Middle East, US election volatility and possible central bank easing have supported gold’s appeal as a safe haven.
Gold prices softened demand ahead of major festivals. China, the world’s top gold consumer, reduced discounts last week, with prices ranging from $3 to $14 above international spot prices, compared with larger discounts last week. In Hong Kong, gold sold at a discount of up to $2 or a premium of $1.20, while Singapore saw a premium of $0.80 at a discount of $2.20. China’s net gold imports through Hong Kong rose in September, although overall consumption fell 11.18% year-on-year,
