Gold Prices Dip on Profit-Taking, US Data in Focus
Gold prices declined about 1% on Thursday as investors took profits following a three-day rally, with markets now eyeing U.S. jobs data on Friday for clues on the Federal Reserve's rate path amidst rising global trade worries. Spot gold has gained over 10% so far this year, hitting a record high of $2,956.15 on February 24. Investors are turning to gold as a safe-haven asset when faced with geopolitical and economic uncertainties.
- The current bearish price action may signal further downside for gold if prices break below the $2,900, potentially dragging it lower toward $2,880.
- How will the market's reaction to the U.S. jobs report on Friday impact investor sentiment towards precious metals in the coming weeks?