Gold prices trimmed earlier gains, trading below $2,650 per ounce on Tuesday after a 1% rise earlier in the session.
The strengthening dollar and rising Treasury yields pressured gold as U.S. job openings indicated lower chances of significant rate cuts by the Federal Reserve. Stronger-than-expected job openings and solid services sector data pointed to a resilient economy, likely keeping the Fed cautious about easing rates.
The dollar rebounded from a one-week low, further weighing on gold, which typically benefits from lower interest rates. Investor concerns that proposed U.S. tariffs could fuel inflation and restrict the Fed's rate-cutting ability have also impacted gold's appeal as a non-yielding asset.
Traders now await key U.S. jobs data and the Fed's meeting minutes for more policy guidance. Meanwhile, China's central bank boosted its gold reserves for the second consecutive month, lending support to gold prices.
Source : Trading Economics
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