Gold prices have recently retreated, trading at $2,645.39 per ounce as of October 3, 2024, marking a 0.5% decline. This drop is attributed to a stronger U.S. dollar, which has reached a one-month high, making gold more expensive for foreign buyers. U.S. gold futures also fell by 0.2%, settling at $2,665.60. The dollar's strength is compounded by the latest Job Openings and Labor Turnover Survey (JOLTS) report, which revealed an unexpected rise in job openings for August, signaling a robust labor market. Analysts like Brian Lan from GoldSilver Central suggest that gold may retest its all-time high of $2,685 in the near future, particularly as investors await key economic indicators such as the ISM services index and initial jobless claims. The expectations for a 50-basis-point rate cut at the Federal Reserve's upcoming November meeting have diminished to 36%, reflecting a shift in market sentiment. Despite the current pressures, geopolitical tensions and the upcoming U.S. elections are anticipated to support gold prices in the long term. Additionally, the Perth Mint reported a significant increase in gold sales, reaching a 10-month peak in September, indicating strong demand for the precious metal. Other precious metals are also experiencing fluctuations, with spot silver down 1.2% to $31.49, while both platinum and palladium have seen declines. [3a9da2ba] [7771875d] [4deac2ff] [3e3de1ae] [e1c898b1] [360f0775] [56b84931] [ad459239] [cc91377b] [736af382] [7ed5fc9c] [950f2e1e] [31ea668a] [2f3206e2]