Gold gained after a week of mixed US economic reports, rising 0.7% to $2,647.25 an ounce. Inflation came in hotter than expected, while the labor market showed signs of slowing, fueling debate on the Federal Reserve’s likely interest rate cut next month.
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Reports showed inflation in September outpaced forecasts, and unemployment claims hit a one-year high. However, Fed officials remain confident about continuing to lower rates. Markets are pricing in a 25-basis-point cut in November, with traders watching for challenges in balancing inflation control and job market stability.
Gold, up more than 25% this year, has been boosted by rate-cut expectations, strong central bank buying, and heightened geopolitical tensions, including rising hostilities in the Middle East. Spot gold rose 0.4% to $2,639.00 an ounce, though it’s set for a 0.4% weekly decline. Silver fell, while platinum and palladium gained.
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