Gold price retreated during the North American session on Thursday after hitting a record high of $4,058, plunges below $4,000 as the Greenback posts solid gains.. XAU/USD trades at $3,978, down 1.5%.
Safe haven demand eases amid Israel–Hamas ceasefire hopes
The Gold market mood turned negative on Thursday. Bullion prices fell as traders booked profits, sending prices toward a daily low of $3,944 as China's traders got back from holidays. Upbeat news regarding a permanent ceasefire between Israel and Hamas added to relief sentiment by market players.
Despite this, the ongoing Russia-Ukraine war extends despite efforts by the White House.
Nevertheless, Gold is set to continue rallying as the US government shutdown extended to its ninth day, while the latest Minutes by the Federal Reserve (Fed) showed that policymakers agreed to support a weakening labor market.
Fed Governor Michael Barr said that he does not think that there is a generalized spillover of tariffs onto services inflation. He added that uncertainty about inflation and the jobs market warrants a cautious approach to additional rate cuts.
Echoing his comments was the Minneapolis Fed's Neel Kashkari, who said that he "basically agrees" with everything that Barr said.
Source: Fxstreet
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