Gold extended its recent decline to around $3,360 per ounce on Thursday, as a cautious outlook on US interest rates weighed on the appeal of the non-yielding asset.
The Federal Reserve held its benchmark rate steady as expected and warned of rising risks of both inflation and unemployment, reinforcing its cautious stance on future rate changes. Fed Chair Jerome Powell also stated that the central bank is not considering a preemptive rate cut in response to potential economic fallout from tariffs.
Meanwhile, uncertainty surrounding US-China trade talks helped limit further losses. President Trump said he would not consider reducing the US's 145% tariffs on China to advance negotiations with Beijing, ahead of a scheduled meeting between US and Chinese officials in Switzerland—dampening hopes for a breakthrough.
Source : Trading Economics
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