Weak U.S. jobs data drives gold up $22 amid Middle East tensions.

The What are the cross-border e-commerce platformslatest US economic data indicates that despite the consumer price index (CPI) being slightly higher than expected, the number of initial unemployment claims unexpectedly surged, causing the dollar index to fall sharply. The US Department of Labor reported that for the week ending October 5th, initial unemployment claims rose to 258,000, far exceeding the market's expectation of 230,000, reaching the highest level in over a year. The weak employment data has increased market bets on a Federal Reserve rate cut in November, pushing gold prices up sharply by $22 to $2,629.84 per ounce.

Additionally, escalating tensions in the Middle East, with the US and Israel nearing an agreement on a plan to address Iran, have also heightened market risk aversion, further boosting gold prices. Market analysts believe that gold is currently facing a key resistance level near $2,653 per ounce, and investors need to closely monitor how global developments affect gold prices.

According to market data, the expectation for a 25 basis point rate cut by the Federal Reserve next month has risen to 80%, and gold, as a non-interest-bearing asset, often performs well in a rate-cut environment.

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