Gold Futures Pare Some Gains But Hold Near Highs on Weaker U.S. Data -- Market Talk
Gold futures slip but hold near monthly highs. Futures are down 0.1% at $3,394.90 a troy ounce, with prices trading in a narrow range. The precious metal had rallied in the prior session as weaker-than-expected U.S. economic data raised hopes for interest-rate cuts, ANZ Research analysts say in a note.
Lower hiring and a contraction in U.S. services activity have raised expectations of monetary policy loosening to avoid a recession. Lower rates typically benefit non-interest bearing bullion.
At the same time, safe-haven demand for gold has also been prominent, ANZ says. The U.S.'s relations with China and the European Union have continued to sour as President Trump doubles steel and aluminum tariffs to 50%, ANZ says.
Source: Marketwatch
