The spot gold price is listed at 1272.60 - 1273.60 USD/ounce (buy - sell).
9999 gold price for December delivery on the New York Comex decreased by 5.7 USD to 1267.70 USD/ounce.
Investors and analysts are not optimistic when participating in Kitco's survey on the outlook for gold prices in the coming time.
Gold prices today are under great pressure from the USD. Gold prices fluctuated after information about the US employment report. Specifically, according to the US Bureau of Labor Statistics, it announced a reduction of 33,000 jobs while it had previously forecast an increase of 90,000 jobs. However, the unemployment rate fell to 4.2%, the lowest level since February 2017.
The report also showed that the two storms making landfall in the US have affected the labor market. Meanwhile, the average hourly salary increased by 12 cents to 26.55 USD, in the past 12 months the salary has increased by 2.9%.
Of the 15 market experts who participated in the Wall Street survey, 67% said that world gold prices will decrease next week, 27% said that gold prices will increase, and 7% said that gold prices will go sideways.
Meanwhile, there are 2.756 votes in an online poll showing a total of 1,204 people (equivalent to 44%), predicting gold will increase next week. Up to 1,019 votes, equivalent to 37%, predict gold prices will decrease. The number of people voting for neutral was 533 people (19%).
Mr. Kevin Grady, president of Phoenix Future and Options LLC, said that gold continues to " fluctuate" at a low level. Although the US non-farm payroll fell last month, Mr. Kevin said that the unemployment rate decreased while the labor market participation rate and wages increased higher. All of this could mean the market continues to weigh on December rate hikes in the US, Grady continued.
According to DOJI experts, a strong Dollar is one of the reasons for gold's holding back. San Francisco Federal Reserve Chairman John Williams predicts a long-term trend for US annual economic growth could be at a low of 1.5%. Most markets expect the Federal Reserve to raise interest rates for the third time this year in December.
Looking back at last week, gold prices generally faced a lot of downward pressure when economic information announced better than expected such as the US Department of Labor announced that the number of initial US unemployment claims decreased by 12,000 to 260,000 in a week better than the forecast of 265,000.
