Commodities
Gold Prices Hold Steady Ahead of US Employment Report
The price of spot gold hovered around $4,180 per ounce on Friday as investors awaited the release of September's employment figures. The precious metal has been trending downwards, with a decline of approximately 2.5% over the past week.
The greenback held near its highest point in 17 months, reducing gold's appeal for international buyers. Meanwhile, the benchmark 10-year Treasury rate climbed to its strongest level since 2002, before pulling back slightly.
Market participants now estimate a 26-27% probability of a Federal Reserve rate increase in October, significantly lower than the roughly 70% odds priced in last week. This decrease in expectation is partly due to softer inflation readings released this week.