A buoyant dollar kept a lid on the metal’s advance
Gold prices edged higher on Thursday, supported by a pullback in the US treasury yields, while cautious investors awaited key US non-farm payrolls report due this week for more cues on the Federal Reserve’s rate-hike stance.Benchmark US 10-year treasury yields slipped from their highest levels in more than one week, reducing the opportunity cost of holding non-interest-bearing gold.
“Furthermore, there is also another area that people are thinking that if interest rates are going up, probably holding the dollar might make more sense than holding gold. So I expect gold prices to be rangebound in the near term.” Fed policymakers this week signalled that the central bank remains resolute in getting US rates up to a level that will more significantly curb economic activity and put a dent in the highest inflation rate since the 1980s.After a couple of strong economic readings this week, focus now shifts to US jobs data due on Friday that could offer more clarity on the Fed’s aggressive tightening to fight stubborn inflation.
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