Gold eased to hit its lowest level in two weeks on Thursday as the dollar's strength and easing trade tensions dulled the metal's safe-haven allure, while investors awaited the U.S. non-farm payrolls report.
Spot gold was down 1.6% at $3,235.55 an ounce as of 0629 GMT, after hitting its lowest level since mid-April.
The dollar (.DXY), opens new tab rose 0.4% against its peers, making bullion more expensive for overseas buyers.
U.S. President Donald Trump said he has "potential" trade deals with India, South Korea and Japan as he sought to convert his tariff policy into trade agreements.
"Gold retraced as trade war concerns eased, but market confidence remains shaky with investors reacting to headlines daily," said Ilya Spivak, head of global macro at Tastylive.
The non-yielding metal, considered a hedge against political and financial turmoil and tends to thrive in a low interest rate environment, scaled multiple record peaks in April due to elevated uncertainties.
"The Federal Reserve's dovish policy outlook could support gold, but it may need to unwind more of the April panic first," Spivak added.
The U.S. economy contracted for the first time in three years in the first quarter of fiscal 2025, as businesses rushed to import goods ahead of Trump's expected tariffs.
Clearer signs of a faltering economy by June will move the Fed to resume cutting rates, ultimately by a full percentage point by end-2025, traders bet on Wednesday.
The market is now waiting for the non-farm payrolls report on Friday for more cues on the Fed's policy path.
China's stock and bond markets, foreign exchange and commodity futures markets will be closed from May 1-5 for the Chinese Labour Day holiday.
Spot silver fell 1.5% to $32.10 an ounce, platinum shed 1% to $957.33 and palladium rose 0.2% to $939.74
Source: Reuters
Gold prices rise over 0.44% during Friday's North American session as weaker than expected jobs market data increased the chances that the Federal Reserve (Fed) will cut interest rates next week. At t...
Gold (XAU/USD) trims a part of its intraday gains, though it sticks to positive bias through the first half of the European session on Friday and remains close to the record high touched earlier this ...
Gold prices rose on Friday and were set for a fourth consecutive weekly gain, as mounting concerns over a weakening U.S. labour market eclipsed inflation worries ahead of a widely expected Federal Res...
The Gold price (XAU/USD) edges lower to around $3,630 during the early Asian session on Friday. The precious metal retreats from a record high on some profit-taking. Nonetheless, the rising bets of th...
Gold price trimmed some of its earlier losses on Thursday, yet it remains negative in the day, down over 0.14% as the latest print of consumer inflation was aligned with estimates. Nevertheless, jobs ...
EUR/USD remains steady during the North American session on Friday, poised to end the week with modest gains of over 0.18% as traders brace for the next week's monetary policy decision by the Federal Reserve (Fed). At the time of writing, the pair...
U.S. Treasury Secretary Scott Bessent met with BlackRock Inc executive Rick Rieder in New York on Friday, as the Trump administration continued its search for a new chair for the Federal Reserve, a source familiar with the matter said. Bessent has...
Oil prices rose on Friday after a Ukrainian drone attack suspended loadings from the largest port in western Russia, but gains were capped by concerns about U.S. demand. Brent crude futures settled at $66.99 a barrel, up 62 cents, or 0.93%. U.S....
The International Monetary Fund on Thursday said the Federal Reserve has scope to lower interest rates because of the weakening U.S. labor market,...
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), fell to 2.6% annually in August from 3.3% in...
The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday...
Annual inflation in the United States (US), as measured by changes in the Consumer Price Index (CPI), rose to 2.9% in August from 2.7% in July, the...