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Gold prices remained subdued on Tuesday, trading between $2,490 and $2,500 per ounce as investors awaited key economic data set for release on Friday. This marks the third consecutive day of losses for gold, following declines last Friday and Monday. The precious metal has slipped about 1.5% from its record high of over $2,530 reached in August.
The market is largely focused on Friday’s nonfarm payrolls report, which will reveal the number of jobs added in August. Traders are eagerly anticipating this data as it could influence the Federal Reserve’s decision on the size of its upcoming interest rate cut. The Fed is expected to reduce rates by either 25 basis points or 50 basis points in mid-September, making the report crucial for future market movements.
Lower interest rates generally benefit gold, a non-yielding asset, as they make it more attractive compared to fixed-income investments that offer reduced returns in a low-rate environment. This expectation has supported the positive outlook for gold, despite recent price declines.
This year, gold has seen a solid 24% gain, outperforming the S&P 500 index, which has risen 19% over the same period. The precious metal’s performance underscores its appeal as a safe-haven asset, particularly in uncertain economic times.
With the potential for further rate cuts, gold may continue to see upside momentum. However, much depends on how the economic data unfolds later this week, making Friday’s report a pivotal moment for the market.
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