Gold fell below $2,630 an ounce on Thursday (11/28), paring recent gains as investors continued to assess the latest U.S. economic data. Both PCE and core PCE prices showed that inflation has stalled, reinforcing the Federal Reserve's cautious stance on further interest rate cuts.
Additional data suggested the economy remains strong, with the release of the second estimate of third-quarter GDP, while employment data pointed to continued resilience in the labor market, with the number of Americans filing for unemployment benefits falling below expectations.
The data further limits the Fed's room to cut interest rates next year. On the geopolitical front, traders continue to monitor developments in the Middle East. While a recent ceasefire deal between Israel and Hezbollah has eased some of the metal's safe haven appeal, uncertainty remains following strong comments from Israeli Prime Minister Netanyahu.
Source: Trading Economics
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