BASICS
* Gold spot held at $2,586.98 an ounce as of 0028 GMT, up about 0.4% for the week so far.
* Gold rose to a record high of $2,599.92 on Wednesday after… Federal ReserveThe ECB’s decision on rate cuts.
* US Gold Futures fell 0.1% to $2,611.50. * Data from the Department of Labor The number of Americans filing new claims for unemployment benefits fell to a four-month low last week, data showed Thursday, indicating solid job growth in September and continued economic expansion in the third quarter.
* The Fed began its loose monetary policy with a half-percentage point rate cut on Wednesday, forecasting a further half-point reduction by year-end, a full point next year and an additional half-point in 2026.
* US President Biden expressed confidence that the central bank will continue to cut interest rates and pledged to reduce costs for Americans. However, White House adviser Jared Bernstein clarified that Biden has never spoken with Fed Chairman Jerome Powell about rates.
* Traders currently estimate a roughly 60% chance of a 25-basis-point cut in November and a 40% chance of a 50-basis-point cut, according to the CME FedWatch tool.
* Zero-yield gold bullion tends to be a preferred investment in a lower interest rate environment.
* SPDR Gold TrustThe world’s largest gold-backed exchange-traded fund said its holdings rose 0.20% to 873.96 tonnes on Thursday.
* China, the world’s largest gold consumer, refrained from importing gold from Switzerland in August for the first time since January 2021, customs data from the world’s largest bullion transit and refining hub showed on Thursday.
* Spot silver was steady at $30.76 an ounce, platinum fell 0.4% to $984.90 and palladium shed 0.3% to $1,077.75.
DATA/EVENTS (GMT) 0100 China 1yr Loan Prime Rate Sep 0100 China 5yr Loan Prime Rate Sep 0600 UK Retail Sales MM Aug 0600 UK Retail Sales ex-fuel MM Aug 0600 UK Retail Sales AA Aug 0645 France Business Climate Mfg Sep 0645 France Business Climate Overall Sep 1400 EU Consumer Confidence Flash Sep Japan JP BOJ Rate Decision
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