Gold prices rise on expectations of US interest rate cut

Gold prices rose early on November 7, once again exceeding $4,000 per ounce, on expectations of another US Federal Reserve rate cut this year following the release of labor market data, Report informs referring to trading data.

The price of December gold futures on the New York Comex exchange increased by $12.97 from the previous close, or 0.32%, to $4,003.97 per troy ounce.

December silver futures rose by 0.83% to $48.35 per ounce.

On Thursday, employment analytics firm Challenger, Gray & Christmas noted that the number of job losses in October in the country tripled year-on-year to reach 153,100-the highest level for that month since 2003.

A day earlier, the analytical agency Automatic Data Processing (ADP) noted an increase in the number of jobs in private companies in the US in October by 42,000.