FX.co ★ Gold Edges Higher

Gold prices rose to approximately $4,080 per ounce on Monday, following a dip over the previous two days. This increase comes as investors prepare for a significant release of delayed US economic data scheduled for this week. Of particular interest is September’s non-farm payrolls report, which is expected on Thursday. This report will offer critical insights into the US labor market and influence projections for the Federal Reserve's interest rate decisions. After hawkish statements from Fed officials last week, the expectation for a rate cut in December has decreased, with market predictions now at a 46% likelihood, down from 50% the previous week. Throughout the year, gold has experienced a 55% increase, positioning it for its most substantial annual gain since 1979. This growth has been driven by strong purchases from central banks and ongoing demand from investors looking for security against increasing fiscal and geopolitical uncertainties.