Gold Prices Move Within a Range
Gold prices struggled to capitalize on the gains recorded over the past two days and attracted some sellers during the Asian session on Thursday (January 9). Prospects of a slower pace of interest rate cuts by the Federal Reserve (Fed) helped the US Dollar (USD) hold firm near two-year highs touched last week and turned out to be a key factor weighing on the non-yielding yellow metal. However, cautious market sentiment, geopolitical risks and trade war fears continued to underpin the safe-haven commodity.
The flight to safety triggered a modest pullback in the US Treasury bond yields. This, in turn, held the USD investors from placing fresh bets and helped limit the downside in Gold prices. Investors might also prefer to wait on the sidelines ahead of the closely watched US Nonfarm Payrolls (NFP) report on Friday. Meanwhile, speeches by influential FOMC members will be looked for short-term trading opportunities during the US session on Thursday.
Source: FXStreet