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Gold edges lower as spotlight shifts to United States payrolls information

Gold rates edged lower on Thursday as financiers kept back from placing huge bets ahead of U.S. nonfarm payrolls information that might affect the Federal Reserve's. rates of interest trajectory.

Area gold was down 0.2% at $2,645.02 per ounce, since 0848 GMT. U.S. gold futures. likewise alleviated 0.2% to $2,669.70.

The marketplace's focus is on preliminary unemployed claims due later on in the day and U.S. non-farm. payrolls (NFP) report on Friday, with the payrolls most likely increasing by 200,000 jobs in the. month after rising by just 12,000 in October.

A robust NFP number is more or less priced in, and if we see weak point in the report, it. could add some assistance to gold costs as the marketplace is type of pricing because the U.S. economy. is doing rather well, stated Ole Hansen, head of product strategy at Saxo Bank.

I think in the meantime we're approaching the year-end. Huge choices are not being made at this. moment. So, it's primarily intraday things and perhaps some profit-taking emerging ahead of. year-end, Hansen stated.

Fed Chair Jerome Powell said on Wednesday that the U.S. economy is more powerful than anticipated. and recommended a more careful position towards rates of interest cuts. Echoing this, San Francisco Fed. Bank President Mary Daly said there is no urgency in cutting rates.

Traders are pricing in a 75% possibility of a 25-basis-point cut at the Fed's Dec. 17-18 meeting,. according to the CME Group's FedWatch Tool. Bullion, which does not pay any interest,. traditionally carries out well in a low-interest rate environment.

If the Fed avoids its interest rate cut in the December conference, this could activate a. additional sell-off in raised speculative positions, dragging (gold) costs lower, ANZ said in a. note.

Area silver fell 0.2% to $31.24 per ounce. Platinum increased 0.7% to $947.90 and. palladium gained 0.5% to $982.73.

Auto driver need replacement from palladium to platinum has been the key headwind for. palladium and is likely to continue into 2026, ANZ included.

(source: Reuters)