Gold and silver prices are holding steady in early U.S. trading on Thursday, with gold slightly down at $2,638.18 and silver marginally lower at $31.15. This pause comes as markets await the U.S. Labor Department’s key monthly employment report on Friday, which is expected to show a 200,000 increase in non-farm payrolls for November. Over the past week, price movements in gold and silver have been sideways and choppy.
Global stock markets were mixed overnight, while U.S. stock indexes are set for slightly lower openings after hitting record highs on Wednesday, buoyed by a seasonal “Santa Claus rally.” Fed Chairman Jay Powell remarked on Wednesday that the U.S. economy is in “remarkably good shape,” with reduced risks to the labor market. Market expectations for a 0.25% rate cut at next week’s FOMC meeting have risen to 75%, up from 66% last week.
