Gold extends losses on Thursday
Gold dipped to around $4,440 per ounce on Thursday, extending losses from the previous session, as investors assessed mixed US economic data while geopolitical developments remained a key focus.
Job openings dropped more than expected in November, signaling softer labor demand, while private payrolls in December increased less than expected.
However, ISM data showed stronger-than-expected growth in the services sector. Investors are now looking ahead to Friday’s nonfarm payrolls report for guidance on the central bank’s policy direction, with markets pricing in two rate cuts for the year.
On the geopolitical front, Washington outlined plans to take long-term control over Venezuelan crude sales, while US authorities seized additional Venezuelan-linked tankers.
The White House also confirmed discussions on acquiring Greenland, including potential military involvement.
Elsewhere, China’s central bank extended its gold-buying streak to 14 months in December.
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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