Gold prices dip on Tuesday

Gold prices dipped on Tuesday as investors awaited key US jobs and inflation data that could shape Federal Reserve policy next year. Spot gold fell 0.3 per cent to $4,289.17 per ounce, while US futures dropped 0.5 per cent to $4,315.80. The metal has surged 64 per cent this year, hitting multiple records.

Traders are pricing in a 76 per cent chance of a 25-basis-point Fed rate cut in January, with some expecting two, ahead of employment reports for October and November, which will miss some details due to a 43-day government shutdown.

Fed Governor Stephen Miran noted that current inflation above target does not reflect underlying supply and demand dynamics.

Silver slid 1.7 per cent to $62.88 an ounce after recently hitting a record $64.65, though analysts say industrial demand supports further gains. Platinum rose 1.7 per cent to $1,812.80 and palladium gained 0.6 per cent to $1,579.44.

Attribution: Reuters