Gold advances in Asian trade after data showing the U.S. labor market continues to cool. U.S. weekly jobless claims rose more than expected in the week ended Dec. 23. With the U.S. labor market cooling and inflation gradually coming under control, markets see rate cuts from the Fed earlier than previously expected and by a greater magnitude, Guangfa Futures analysts say in a research note. Recently weaker U.S. Treasury yields and a softer dollar index is also propping up demand for gold, the analysts say. Amid weaker liquidity at year-end, gold prices may continue to fluctuate, they add. Spot gold is 0.3% higher at $2,070.86/oz.
Source: Marketwatch
