Gold Price Range-bound Ahead Of Jobs Report

November 2, 2017

New York (Nov 2)  Gold futures barely budged Thursday in anticpation of tomorrow's closely watched jobs report for October.

A rebound in jobs following September's hurricane-related lull may cement expectations the Federal Reserve will raise interest rates next month.

Yesterday, as expected, the Fed maintained its key interest rate at 1%-1.25%, a nod to "soft" inflation. However, policy makers signalled a December rate hike is on the cards.

Traders also await President Donald Trump's announcement regarding the next Federal Reserve Chair.

Reports say Fed Governor Jerome Powell has been told by the White House that he will be nominated to take over from current leader Janet Yellen when her term expires in January.

Elsewhere, the Bank of England raised its interest rate for the first time in a decade, but signaled that its future rate hikes would be limited and gradual.

The Monetary Policy Committee, headed by Governor Mark Carney, decided to lift the benchmark rate by 25 basis point to 0.50%. This was the first rate hike since July 2007.


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