Gold prices briefly strengthened after the release of US economic data, which sparked an initial market reaction. The data fueled speculation that economic pressures persisted, prompting investors to temporarily turn to gold as a safe haven. This increase was short-lived, especially in early trading after the data was released.
However, entering the US session, gold prices came under pressure again. The strengthening US dollar and rising bond yields diminished gold's appeal. Furthermore, profit-taking following the initial surge also weighed on prices, causing gold to reverse its decline despite initially positive sentiment.
The pressure intensified due to profit-taking following the previous increase. Rising US bond yields also weighed on gold, making this non-yielding asset less attractive. These conditions caused gold prices to eventually reverse their decline towards the close of the session. (Cay)
Source: Newsmaker.id
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