Gold Edges Closer to Key $4,450 Level Ahead of Crucial Jobs Report
Gold prices have started the week near $4,453 per ounce, with silver trading around $66.30 per ounce. In Pakistan, the latest local rates stand at Rs467,936 per tola for 24K gold and Rs7,112 per tola for silver.
The coming week is crucial for precious metals as markets digest Federal Reserve Chair Kevin Warsh's Jackson Hole comments and prepare for a series of U.S. economic releases. The August employment report will be the main event on Friday, but several labor-market and business activity indicators will arrive before it.
A stronger U.S. labor market could reinforce the argument for keeping monetary policy tighter, which may keep pressure on gold through higher yields and a stronger dollar. On the other hand, weaker employment data could reduce expectations for additional tightening, allowing gold to find support after its recent decline.