Ausin Bank: Gold prices are expected to record a weekly decline, influenced by uncertainty over the Fed's interest rate cuts.

Gold prices are expected to record a 1.5% decline this week, following a mixed US jobs report and uncertainty regarding the next policy actions of the Federal Reserve. New York gold futures fell by 0.5% to $4,041.30 per ounce, while spot gold remained steady at $4,077.54 per ounce. Analysts from ANZ Bank stated, "US job growth in September exceeded expectations, but the unemployment rate continues to rise. This highlights the persistent fragility of the labor market." However, the current market prices reflect traders' belief that there is only a 33% chance of further rate cuts by the Fed in December. Additionally, there are reports that Ukraine is working on a plan drafted by the US to end the conflict, leading to a decrease in geopolitical risk premium, which is also putting pressure on gold prices. In a low-interest rate environment and uncertainty, gold often benefits.