Gold lingers near 2-week high as focus shifts to US payrolls
Gold prices remain steady near a two-week high following weaker US economic data, leading to speculation of potential interest rate cuts. Investors are closely watching Friday's non-farm payrolls data for further guidance. The market awaits further developments amidst the ongoing economic uncertainty.
were flat near a two-week high on Thursday after softer-than-expected spurred hopes of as early as September, and the market spotlight is now on Friday's data.edged 0.1% higher to $2,358.19 per ounce as of 9:53 a.m. ET (1353 GMT), after prices hit their highest level since June 21 on Wednesday. Most US markets were closed for Independence Day holiday on Thursday.
in the previous session gained more than 1% after a weak and on Wednesday depicted a slowing US economy.
"It appears that there's a strong chance that the might occur some time in the end of third quarter or early part of the fourth quarter, which just makes gold a lot more attractive than the alternative (which is) bonds," said Alex Ebkarian, chief operating officer at Allegiance Gold.
Lower rates reduce the opportunity cost of .
