Gold prices were trading around $3,320 per ounce on Friday afternoon, pressured by stronger-than-expected US economic data. A decline in jobless claims and a surge in durable goods orders fueled concerns that the Federal Reserve might delay interest rate cuts. This reduced the appeal of gold, which tends to strengthen when interest rate prospects fall.
Despite increasing fundamental pressures, geopolitical and political uncertainty in the US still supports demand for gold as a hedge. The market focus is now on the PCE inflation data to be released tonight. Technically, gold is still holding above the important support of $3,300, but if this level is broken, the potential for further correction towards $3,280 is wide open. (ayu)
Source: Newsmaker.id
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