Gold prices are declining on Thursday amid the strengthening of the dollar before the publication of statistical data on the U.S. labor market. By 14:02 Q2 quotations of December gold futures on the Comex exchange fell by about 0.5% to $4061.5 per ounce.
The U.S. Department of Labor will release a report on the U.S. labor market for September at 15:30 Q2. The report is expected to show job growth of 50,000 and unemployment remaining at 4.3%, Trading Economics noted. It is published late due to the shutdown.
ICE’s DXY index, which shows the dollar’s performance against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), added about 0.1%.
Meanwhile, analysts at UBS upgraded their forecast for gold to $4500 an ounce from $4200 an ounce by mid-2026. They believe that gold will be supported by the Federal Reserve’s easing monetary policy, as well as geopolitical uncertainty, increasing demand for protective assets.
Earlier, the Experts Club think tank presented an analysis of the world’s leading gold-producing countries in its video on Youtube channel – https://youtube.com/shorts/DWbzJ1e2tJc?si=YuRnDiu7jtfUPBR9.
