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Investing.com– Gold prices moved little in Asian trade on Thursday as traders hunkered down in anticipation of more cues on a cooling U.S. labor market, while focus also remained on when the Federal Reserve planned to begin trimming interest rates.
The yellow metal appeared to have settled into a trading range of between $2,020 and $2,050 an ounce after briefly surging to record highs above $2,100 at the beginning of the week.
A string of different factors had spurred gold’s rally, as seemingly dovish cues from Fed Chair Jerome Powell pushed up expectations that the Fed will cut rates by as soon as March 2024.
But markets tapered these expectations over the week, especially amid some signs of resilience in the U.S. economy.
Increased safe haven demand, following an attack on U.S. vessels in the Red Sea, also aided gold prices, although a lack of any escalation in the Middle East saw tensions ebb out of markets.
steadied at $2,026.30 an ounce, while expiring in February fell 0.2% to $2,043.05 an ounce by 00:24 ET (05:24 GMT).
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