The decline in gold prices is due to the U.S. releasing data on initial unemployment claims from the previous week, which led to a rise in U.S. Treasury yields. At the same time, the market is awaiting the U.S. non-farm payroll data to gauge the Federal Reserve's latest stance on interest rate cuts.

David Meger, Director of Metals Trading at High Ridge, stated that gold is currently in a stagnation period, with only some range-bound activity. The market is waiting for the next set of data or a new catalyst to drive gold prices out of this range.

Gold Prices Drop as U.S. Unemployment Data Rise; Market Awaits Non-Farm Payroll Report

Dec 06 2024