Gold Prices Reach Nearly $4100 per Ounce

SadaNews - Gold has risen slightly, continuing its gains for the fourth consecutive day, as traders evaluate weak job data and the upcoming reopening of the U.S. government.

The precious metal climbed to about $4100 per ounce, after data from "ADP Research" showed that U.S. companies lost an average of 11,250 jobs weekly during the four weeks ending October 25.

This data raises concerns about a weak labor market and increases the likelihood of interest rate cuts again, which is positive for gold that does not yield interest.

Awaiting Official Data After Ending the Government Shutdown

Investors are anticipating the release of a series of official data as the longest government shutdown in U.S. history comes to an end. The government is expected to resume operations in the coming days after the Senate approved a temporary funding measure, which will end traders' reliance on private data, adding more certainty to their expectations and dispelling the ambiguity surrounding upcoming interest rate decisions.

Gold has retreated from its record high above $4380 per ounce reached last month, as investors took profits from a rally that some have described as swift and exaggerated. In a sharp turn, gold-backed exchange-traded funds recorded net outflows of investments for three consecutive weeks, according to data collected by "Bloomberg".

Best Annual Performance Since 1979

Nevertheless, the precious metal is still up more than 55% since the beginning of the year, heading towards its best annual performance since 1979, supported by several factors including high purchases by central banks.