Gold Falls—US Data “Dampens” Rate Cut Hopes
Gold prices weakened early in the European session after US data reinforced the “Fed is holding on” narrative. New York gold futures fell around 0.3% to US$4,608/oz, pressured by a drop in jobless claims last week, which diminished the chances of an imminent interest rate cut.
Pressure also came from waning safe-haven demand. Market concerns about imminent US military action against Iran began to cool, reducing the flow of defensive funds that had previously boosted gold. Despite the correction, gold is still on track to gain more than 2% weekly, after hitting a new record earlier in the week.
Silver, on the other hand, also experienced a correction. Silver futures fell around 1.5% to US$90.97/oz, after the Trump administration delayed the implementation of import tariffs on critical minerals—reducing risk-off sentiment. However, silver still recorded a strong weekly surge, rising nearly 15% in the past week.
Source: Newsmaker.id
