Gold struggled to maintain its strengthening momentum on Thursday as the U.S. dollar rebounded ahead of the release of U.S. economic data tonight.
Entering the European session, gold traded around $ 1,900 per ounce, down slightly from the overnight gains recorded in the previous session. Gold futures traded at $ 1,905 an ounce.
The precious metal previously got a boost from the depreciation of the US dollar in the New York session to rebound above the $ 1,900 per ounce price.
Overall, analysts consider this yellow metal’s recorded decline to be profit -taking, and gold prices are expected to soar higher than previously recorded 5 -month highs following expectations of rising inflation.
The publication of ISM survey services data, ADP private employment reports and U.S. unemployment claims, are now the next market focus tonight, where they will serve as clues to NFP employment data to be published on Friday.
Meanwhile, investors are still considering a new statement from a Federal Reserve (Fed) official, Patrick Harker who said he sees no signs that inflation is getting out of control, and it is not yet time for the central bank to act.
