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Gold dips as traders eye Fed rate cut and U.S. jobs data

Gold prices have taken a step back from their record highs as traders closely monitor developments around the U.S. Federal Reserve’s rate decisions and upcoming economic data. Spot gold slipped down from a peak earlier this week. Similarly, U.S. gold futures edged down. This decline in gold prices comes at a time when the market is highly sensitive to signals from the Federal Reserve. The minutes from the Fed’s July meeting suggest that officials are inclined towards a rate cut at the September meeting. Read more to find out why gold dipped here.

why gold dropped

Disclaimer:

The cautious tone in the gold market suggests that traders are in a wait-and-see mode, balancing between the potential for further rate cuts and the impact of upcoming economic data. Traders should keep an eye on the Jackson Hole Symposium and jobless claims data for the next cues.

Publication date:

2024-08-24 14:38:00 (GMT)

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