Gold prices slipped from one-year highs on Thursday as the dollar regained some ground, while investors awaited the U.S. non-farm payrolls report to gauge the Federal Reserve's monetary policy strategy.
Spot gold was down 0.5% at $2,011.18 per ounce, as of 0334 GMT, after hitting its highest since March 2022 on Wednesday. U.S. gold futures fell 0.4% to $2,028.40."This is a market due for some technical correction because the rally was very sharp," said Ajay Kedia, director at Kedia Commodities in Mumbai.
The economic data points this week were major components supporting gold prices, he added, while also noting some profit-booking ahead of the Good Friday holiday. Bullion has gained about 2.2% so far this week, after a surprise oil output cut by OPEC+ and weak U.S. economic data over the week added to fears of an economic slowdown and sent the yellow metal soaring above $2,000.
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