According to Mars Finance, on November 12, the spot gold price remained above the $4,100 mark due to signs of weakness in the U.S. labor market and Congress nearing the end of the government shutdown. New private sector data shows that U.S. companies laid off an average of 11,250 workers per week over the four weeks ending in late October, reinforcing expectations for further interest rate cuts this year. Meanwhile, Soojin Kim, an analyst at Mitsubishi UFJ Financial Group, stated, “The government is about to reopen, which is expected to restore access to official economic data, providing clarity for future monetary policy decisions.” Supported by central bank purchases and its attractiveness as a hedging tool against global uncertainties, the precious metal has continued to maintain a 56% rise this year. ( Jin10 )
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