Gold Prices Mixed In Cautious Trade
Gold prices were mixed on Thursday as Treasury yields extended gains from the previous session on expectations of larger stimulus following a Democrat sweep of Georgia’s Senate runoffs.
Spot gold slipped 0.1 percent to $1,915.70 per ounce, after having declined more than 1.5 percent in the previous session amid a surge in U.S. Treasury yields. U.S. gold futures were up 0.4 percent at $1,916.75.
A joint session of Congress has certified the election victory of Joe Biden and Kamala Harris, clearing the final hurdle for the Democrat leaders to become the next president and vice-president of the United States, respectively.
The confirmation after counting the Electoral College votes was only a formality, but unexpected developments delayed the process Wednesday.
Meanwhile, after the U.S. ADP employment report surprisingly disappointed, investors now await Friday’s monthly employment report, which includes both public and private sector jobs, for directional cues.
Economists currently expect employment to increase by 100,000 jobs in December after a rise of 245,000 jobs in November. The unemployment rate is expected to remain at 6.7 percent.
The material has been provided by InstaForex Company – www.instaforex.com