🟡 Gold Slips as Strong U.S. Data Boosts Dollar, Weakens Rate-Cut Bets
Gold prices edged lower after strong U.S. economic data strengthened the U.S. dollar and dampened expectations for near-term Federal Reserve interest rate cuts, making non-yielding gold slightly less attractive. Despite the dip, gold still remains on track for weekly gains after recently hitting record highs.
Key Facts:
📉 Gold eased: Spot gold dipped ~0.2–0.3% to around $4,600 per ounce amid firmer U.S. data.
💪 Strong U.S. data: Weekly jobless claims came in lower (stronger) than expected, boosting the dollar and reducing rate-cut expectations.
💵 Dollar effect: A stronger dollar makes gold more expensive for buyers in other currencies, putting pressure on prices.
📈 Weekly trend: Gold still poised for about a ~2 % weekly gain after recently touching record highs above $4,640/oz.
🪙 Silver & other metals: Silver prices also fell (~1 %–1.8%), and platinum/palladium weakened amid similar pressures.
Expert Insight:
Stronger U.S. growth data can temporarily weigh on gold by strengthening the dollar and reducing “easy money” expectations, but recent record highs show persistent demand. Investors often view dips after strong data as buying opportunities if the broader macro outlook still favors precious metals.
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