empty
 
 

2023.10.0410:08:00UTC+00Gold Subdued On Rate Worries

Gold prices were subdued on Wednesday after the August U.S. job openings survey signaled a tight labor market, keeping the risks tiled toward another Fed rate hike.

Spot gold was down 0.1 percent at $1,821.54 per ounce, while U.S. gold futures were down 0.3 percent at $1,837.05.

The dollar index edged lower from new 2023 high in European trade after Atlanta Fed Bank President Raphael Bostic said that there is no urgency for the Fed to raise interest rates further to get inflation back under control.

On the contrary, Cleveland Fed President Loretta Mester said that she thinks another interest rate hike is on the table and that rates could be held higher for "some time" to assess the effects of the tightening in financial conditions that have already occurred.

In economic releases, reports on private sector employment, service sector activity and factory orders coupled with remarks by several Fed officials may influence market sentiment later in the day ahead of Friday's key monthly jobs report.

CME Group's FedWatch Tool currently indicates a 27.7 percent chance the Fed will raise rates by another quarter point next month and a 39.2 percent chance of a quarter point rate hike in December.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback