Gold prices held steady during Asian trading on Thursday, pausing after a three-day rally, as investors await a key U.S. employment report that could provide fresh clues on the Federal Reserve’s interest rate trajectory.
Spot gold hovered near $3,352.75 per ounce, while August gold futures edged up 0.1% to $3,363.70 per ounce.
Recent signs of easing inflation, combined with renewed pressure from former President Donald Trump on the Fed—including threats to replace Chair Jerome Powell—have bolstered market expectations for a potential rate cut in September. These factors have helped gold gain 2.5% so far this week.
Uncertainty surrounding Trump’s proposed $330 billion tax-and-spending package and the upcoming July 9 trade deadline also added to safe-haven demand. While three trade deals have been finalized, broader agreements remain elusive.
Elsewhere in metals:
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Platinum fell 1.2%,
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Silver traded flat,
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Copper saw slight intraday fluctuations.