NEW YORK: Gold prices edged lower on Thursday as the US weekly jobs data hinted at a tight labour market that could keep the Federal Reserve on its rate-hiking cycle, underpinning the dollar and Treasury yields.
Spot gold was down 0.1% at $1,834.80 per ounce by 9:37 a.m. ET (1436 GMT), after rising in previous three sessions. US gold futures fell 0.3% to $1,840.40.
Data earlier showed the number of Americans filing new claims for unemployment fell again last week.
With a tight labour market largely priced in, the higher dollar and yields were weighing on gold, said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.
The dollar index gained 0.5%, making gold more expensive for holders of other currency buyers.
Benchmark US 10-year Treasury yields hovered near their highest level since early November 2022, weighing on the bullion since it yields no interest.
The consumer price data next week could offer investors more clues on the path of rates heading into the Fed’s March 21-22 meeting, where it is expected to raise rates by 25 basis points.
Source: Brecorder
