Gold prices weakened early in the Asian session, down 0.2% to $3,971.75/oz. Pressure came after better-than-expected ADP employment data and the ISM services index in the US came out, dampening interest in non-yielding assets like gold.
The solid data lowered the odds of a Fed rate cut in December to 68% from 70% before the ADP release. The prospect of persistently high interest rates tends to strengthen the dollar and bond yields—a combination that typically pressures gold prices.
However, demand for safe havens is still supported by geopolitical uncertainty. Bas Kooijman of DHF Capital said tensions in the Middle East and Eastern Europe remain high, potentially limiting further gold weakness. The market is now awaiting further clues from the release of US data to determine short-term direction. (az)
Source: Newsmaker.id
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