Gold prices rise as markets await U.S. jobs data release

Gold prices rose at the start of European trading on Nov. 1, after slipping in the previous session, as investors awaited U.S. nonfarm payrolls data to learn more about the Federal Reserve's next move. Gold futures traded up 0.5% to $2,764.00 an ounce after having fallen 2% on profit-taking and growing bets that the Federal Reserve will take more cautious steps to cut interest rates in the coming months. UBS's Ipek Ozkardeskaya said in a report that the biggest rise in the monthly core PCE rate since April, coupled with strong spending and robust growth data released earlier in the week, lowered expectations for a Fed rate cut. However, strong demand for safe-haven assets continued to support gold prices due to heightened geopolitical risks in the Middle East and uncertainty surrounding the U.S. election.