Gold prices moved little in Asian trade on Friday after sinking below key levels this week following a sharp rebound in the dollar, with focus now squarely on key U.S. labor market data for more cues on interest rate cuts in 2024.
The yellow metal was nursing some losses for the week following a strong melt-up towards the end of 2023. But the rally failed to sustain amid profit-taking and growing uncertainty over the Federal Reserve’s plans for interest rate cuts this year.
Markets slightly scaled back bets that rate cuts could begin by as soon as March 2024, after the minutes of the Fed’s December meeting offered few cues on when the bank planned to begin trimming rates.
This trend spurred sharp gains in the dollar, with the greenback headed for an over 1% weekly gain- its best since July 2023.
Spot gold rose 0.1% to $2,045.41 an ounce, while gold futures rose 0.1% to $2,052.05 an ounce by 23:25 ET (03:25 GMT). Both instruments were down between 0.8% to 1% this week.
Source : Investing.com
