Posted 1/5/2024, 5:04:00 AM
Gold Slips from 2023 Highs Ahead of Key US Jobs Data; Gains Capped by Dollar Rebound and Fed Rate Cut Uncertainty
- Gold prices little changed ahead of key U.S. jobs data on Friday, after falling below key levels this week due to dollar rebound
- Gold nursing some losses for the week after initial sharp gains towards end of 2023; rally failed amid profit-taking and uncertainty over Fed rate cuts
- Markets scale back bets on March 2024 rate cut after Fed minutes offer little clarity on timing of cuts
- Dollar spikes over 1% this week - best since July 2023 - weighing on gold
- Focus now on December nonfarm payrolls; data expected to show labor market cooling although traders wary after recent better jobs metrics