© Archyde.com. Gold bars in a photo from the Archyde.com archive.
(Archyde.com) – It pulled back from its highest levels in a year on Thursday as the dollar regained some ground while investors waited for the US non-farm payrolls report to assess the Federal Reserve’s monetary policy strategy.
It fell 0.3 percent to $2,014.26 an ounce by 0543 GMT, following reaching its highest price since March 2022 on Wednesday. And US gold futures fell 0.3 percent to $ 2029.80.
It rose 0.2 percent, making bullion too expensive for buyers holding other currencies.
“What is happening in the market is because of some technical correction because the rally was very sharp,” said Ajay Kedia, director at Kedia Commodities in Mumbai.
He added that economic data this week were key elements in supporting gold prices and also pointed to some profit-taking ahead of the Good Friday holiday.
Gold rose regarding 2.4 percent this week following a sudden cut in oil production by the OPEC + alliance and weak US economic data throughout the week, which increased fears of an economic slowdown and pushed the yellow metal to rise above $ 2000.
Data on Wednesday showed the US services sector slowed more than expected in March. Separate data showed that new jobs in the private sector were much lower than expected.
Investors are now awaiting the non-farm payrolls report for March, which is due on Friday.
As for other precious metals, it lost 0.7 percent to $24.81 an ounce, while platinum rose 0.5 percent to $1,001.67 and fell 0.2 percent to $1,426.95.
(Prepared by Suha Jadu for the Arabic Bulletin – Edited by Duaa Muhammad)
