Gold's price holds firm after sliding to a daily low of $2,735 amid elevated US Treasury bond yields. Economic data from the United States (US) showed the labor market is cooling, while market participants continued to digest US President Trump's trade policy rhetoric. The XAU/USD trades at $2,755, virtually unchanged.
Bullion prices are set to finish the week with solid gains despite trimming some of their gains on Thursday.
Data from the US Department of Labor revealed that more Americans applied for jobless benefits during the week ending January 18, which usually would signal a weakening labor market. Nevertheless, the report showed that weather distortions and the fire in Los Angeles are the main reasons for this and will likely be reflected in subsequent releases.
The yellow metal's last leg up was sponsored by the fall of the Greenback. According to the US Dollar Index (DXY), which measures the performance of the Greenback against a basket of six peers and usually correlates inversely to Gold, tumbled 0.08% to 108.06.
On Friday, the central bank bonanza begins with the Bank of Japan (BoJ) expected to hike rates by 25 basis points (bps). Next week, the Federal Reserve (Fed) and the European Central Bank (ECB) are up next with the former projected to keep rates on hold, while the ECB is foreseen cutting borrowing costs by 25 bps.
This week, the US economic docket will feature S&P Global Flash PMIs, housing data and the final release of University of Michigan (UoM) Consumer Sentiment for January.
Gold price rose as real yields remained unchanged on Thursday. Measured by the 10-year Treasury Inflation-Protected Securities (TIPS), yield sits at 2.19%.
The US 10-year Treasury bond yield is up four bps during the day at 4.637%, putting a lid on Gold's advance.
US Initial Jobless Claims for the week ending January 18 increased by 223K, up from 217K in the previous release and above estimates of 220K. The Jobless Claims 4-week average rose from 212.75K to 213.5K for the first time in five months.
A report by Reuters revealed that US President Trump confirmed that universal tariffs on all imports to the US are also under consideration and will come at a later stage.
Market participants are pricing in near-even odds that the Fed will cut rates twice by the end of 2025 with the first reduction occurring in June.(Cay) Newsmaker23
Source: Fxstreet
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