From Investing.com: 2024-05-09 09:03:45

Gold prices held steady today as investors awaited U.S. economic data for clues on potential interest rate cuts. Gold traded flat at $2,312.61 while the dollar rose by 0.1%. Recent weak U.S. jobs data has led to expectations of two Fed rate cuts this year, affecting market sentiment. Boston Federal Reserve President Susan Collins expressed confidence in current monetary policy to slow the economy. Market participants are awaiting consumer sentiment data from the University of Michigan and the release of the U.S. consumer price index. Gold prices saw a decline last week despite favorable conditions for precious metals.

The recent decline in gold prices surprised traders despite supportive factors such as economic uncertainty and potential Fed easing. Market optimism has been elevated by Fed Chair Jerome Powell’s dovish stance, impacting risk assets over safe-haven investments. Gold remains above $2,280 but could face further declines if support is broken. Bulls must defend this level to avoid a drop to $2,260, while resistance levels lie at $2,325 and $2,355 for a potential upward move. Inflation data on May 15 could bring volatility to the market.



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