Gold Eases After Three-Day Rally Ahead of Fed-Watched Jobs Data

(Bloomberg) -- Gold eased after a three-day gain, before pivotal US jobs data due later Thursday that may shape the outlook for the Federal Reserve’s monetary easing path.
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Learn More Powered by Money.com - Yahoo may earn commission from the links above.Bullion traded near $3,345 an ounce after gaining more than 2% earlier this week, as markets shifted focus to the incoming payrolls report that’s forecast to show 106,000 jobs were added to the economy in June, which would mark the fewest in four months. Separate data from ADP Research on Wednesday showed employment at US companies fell for the first time in over two years, prompting traders to boost bets on at least two rate cuts before 2026.
A pronounced deterioration in the labor market could pressure officials to cut interest rates as early as this month, even as Fed Chair Jerome Powell has highlighted labor market resilience and underscored a “wait-and-see” approach to assess the impact of tariffs on inflation. Lower borrowing costs tend to benefit gold, as it doesn’t pay interest.
Gold is up by more than a quarter this year, trading around $150 short of a record set in April. The precious metal has been bolstered by demand for havens as investors grapple with heightened geopolitical and trade tensions. The rally has also been supported by robust central-bank purchases, as well as inflows into bullion-backed exchange-traded funds.
Meanwhile, there are lingering concerns about the US deficit, with President Donald Trump’s sweeping tax and spending bill expected to add an estimated $3.4 trillion to the nation’s debt over a decade. Should the legislation before the House be approved, gold’s haven appeal could be boosted.
Investors also continued to monitor progress in US trade negotiations, after Trump said he reached a deal with Vietnam. As his July 9 deadline for higher tariffs approaches, there are signs investors are becoming increasingly less worried by the president’s unpredictable stance on levies given the economy appears resilient for now.
Spot gold was down 0.4% to $3,345.86 an ounce as of 8:28 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat, down 0.6% so far this week. Silver, palladium and platinum all fell.
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The gold market's slight retreat following a three-day surge ahead of the closely watched Federal Reserve job data reveals investors reevaluating positions amid heightened policy expectation volatility.

Investors chose to take profit on recent glimmers of optimism, pondering possible side effects from the Fed's upcoming jobs data that could curb further gains in gold prices.

Fed-centric job data on the horizon appears to have dampened gold's impressive three consecutive days of gains, indicating a shift in market sentiment as investors await crucial monetary policy cues from central bank officials. 📈

As expected, the surge in gold prices following three days of uplift stalls ahead管理局发布就业数据前,市场聚焦美联储动向密切。

The expected market nervousness before the Fed-focused jobs data has seen gold prices ease after three days of gains, highlighting investors' caution ahead.

Thursday's gold slump following a three-day gains ahead of closely observed Fed jobs data reflects market jitters and speculation on the potential impact to interest rates, as investors await an anticipated shift in U.S monetary policy cues.

The slight easing in gold prices following a three-day rally ahead of the eagerly anticipated Fed jobs data underscores investors' preoccupation with central bank policy moves and its inevitable impact on global economic stability.