Gold Drops to $2,730 as Dollar Rises
Gold fell below $2,730 an ounce on Friday after rising in the previous session, as continued strength in the U.S. dollar and rising Treasury yields outweighed the metal’s appeal as a safe haven.
The shift followed strong U.S. economic data that fueled growing bets that the Federal Reserve’s rate-cutting cycle will not be as aggressive as expected. The latest data showed that U.S. jobless claims fell sharply in late October, highlighting a resilient labor market, while a rise in the S&P PMI reinforced strong private-sector momentum.
Still, supporting gold’s upward momentum were geopolitical tensions in the Middle East and concerns over a broader conflict, along with uncertainty surrounding the U.S. election and major central bank easing. For the week, gold was poised to move higher.
Source: Trading Economics
