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Due to Interest Rate Cut Expectations and Data Clarity Support, Gold Holds above $4100
BlockBeats News, November 12th, the spot gold price remained above the $4,100 level as signs of weakness in the U.S. labor market emerged and Congress was approaching the end of the government shutdown. New private-sector data showed that U.S. companies laid off an average of 11,250 workers per week in the four weeks ending in late October, reinforcing expectations of further interest rate cuts later this year.
Meanwhile, Soojin Kim, an analyst at Mitsubishi UFJ Financial Group, stated, "As the government is about to reopen, it is expected to resume access to official economic data, providing clarity for future monetary policy decisions." Supported by central bank purchases and its attractiveness as a hedge against global uncertainty, the precious metal has continued to maintain a 56% gain this year. (FXStreet)
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