GOLD SLIPS NEAR $2660 AS DOLLAR GAINS GROUND

Published on Oct 03, 2024 15:04

Gold futures fell to around $2660 an ounce in Asian electronic trading as the strengthening US dollar put pressure on dollar-denominated commodities. The dollar index climbed above 101.7, marking its fourth consecutive session of gains, driven by robust US private employment data. An ADP report revealed that 143,000 jobs were added in September, supporting expectations that the Federal Reserve may not cut interest rates aggressively. Despite the pullback, the safe-haven demand for gold remains strong amid escalating tensions in the Middle East following Iran�s missile attack on Israel. Investors are now focused on upcoming US labor data to gauge the Fed`s next moves.