Gold is rebounding after a six-day fall

WASHINGTON (dpa-AFX) – Gold prices recovered somewhat on Thursday after falling for six straight sessions as stronger-than-expected US jobs data derailed expectations for an aggressive rate cut by the Federal Reserve.

Spot gold rose 0.4 percent to $2,617.47 an ounce, despite higher yields on government bonds and the U.S. dollar. U.S. gold futures rose 0.3 percent to $2,634.40.

The dollar was near a two-month high after minutes of the Fed’s September meeting showed Fed officials are in no rush to cut another half-point in interest rates.

The focus now turns to the much-anticipated US consumer price inflation data for September later today, which could show core inflation remaining stable at a year-on-year rate of 3.2 percent.

The report on US producer price inflation will be released on Friday.

Fed Chair Mary Daly of Sn Francisco said Wednesday that she “fully” supported last month’s half-percentage-point rate cut and that one or two more cuts were likely this year if the economy develops as expected.

On the geopolitical front, media reports suggest that US President Biden and Israeli Prime Minister Benjamin Netanyahu discussed Israel’s expected military retaliation against Iran during their first phone call in more than a month on Wednesday.

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