Gold Price (XAU/USD) edges lower to $2,285 during the early Asian session on Friday after reaching another fresh record high above $2,300 in the previous session.
Gold price loses traction near $2,285 in Friday’s early Asian session. The US Initial Jobless Claims for the week ended March 30 went up to a two-month high. The escalating Middle East geopolitical tensions might lift the safe-haven flows, benefiting gold price. The US Nonfarm Payrolls , Unemployment Rate, and Average Hourly Earnings will be the highlights on Friday.
The Federal Reserve Chair Jerome Powell reiterated that the policy rate is likely at its peak in the current cycle while adding that FOMC policymakers see it’s appropriate to begin cutting the policy rate if the economy evolves as the Fed expects. These dovish comments create a tailwind for the precious metal.
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