BASICS
* spot gold fell 0.1% to $2,650.79 an ounce, as of 0030 GMT. US gold futures rose 0.1% to $2,670.20.
* Gold prices fell on Friday after a sharper-than-expected decline. US employment report It poured cold water on expectations of an aggressive Fed rate cut next month, boosting the dollar.
* Data showed that US job creation rose by the most in six months in September and the unemployment rate fell to 4.1%, pointing to a resilient economy.
* Traders now see a 95% chance that the Federal Reserve will cut rates by just a quarter percentage point in November, according to CME’s FedWatch tool. They have reduced expectations for a 50 basis point cut from 28% to 0%. * President of the Chicago Federal Reserve Austan Goolsbee called the latest U.S. jobs report “magnificent” and said more labor market data along those lines would boost his confidence that the economy is at full employment with low inflation. * Gold tends to be a preferred investment in a low interest rate environment and during political and economic unrest.
* This week, market participants will focus on the minutes of the Fed’s latest monetary policy meeting, and US Consumer Price Index (CPI) and data from the Producer Price Index (PPI). A number of US central bank officials will also speak this week.
* Israel bombed Hezbollah targets in Lebanon and the Gaza Strip on Sunday ahead of the one-year anniversary of the Oct. 7 attacks that sparked their war, as Israel’s defense minister declared all options were open to retaliate against archenemy Iran.
* Spot silver rose 0.3% to $32.26 an ounce. Platinum gained 0.2% to $989.92 and palladium rose 1.1% to $1,022.92.
DATA/EVENTS (GMT)
0600 Germany Industrial Orders MM Aug
0600 Germany Manufacturing O/P Price Cur SA Aug
0600 Germany Consumer Goods SA Aug
0600 United Kingdom Halifax House prices MM September
0600 United Kingdom House prices in Halifax AA September
0745 France Reserve assets Total September
US Overall Comprehensive Risk in Q4
Germany’s overall comprehensive risk in the fourth quarter
France overall comprehensive risk in the fourth quarter
UK Overall Comprehensive Risk in Q4
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