Gold Prices Decline as Markets Reassess Rate Cut Expectations Gold prices dropped in Asian markets on Monday, continuing a downward trend from the previous session. This decline is largely attributed to the stronger-than-expected U.S. labor data, which led markets to reevaluate the likelihood of early Federal Reserve rate cuts. The unexpected resilience in the U.S. labor market, indicated by the latest nonfarm payrolls data, suggests the Fed might maintain higher interest rates for a longer period. Additionally, gold experienced significant profit-taking following its strong performance in December, where it gained over 10% in 2023. As a result, spot gold decreased by 0.5% to $2,035.69 an ounce, and gold futures for February delivery dropped by 0.4% to $2,042.25 an ounce, with both instruments losing around 0.9% in the first week of 2024. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Election Jitters Keep Metals Market in Check, Says Citigroup READ MORE Gold's Rally Pauses As Market Consolidates READ MORE A Special Invitation: Join Me at the Limitless Expo READ MORE Over $20 Million in Gold Stolen in Canada’s Largest Airport Heist READ MORE June Inflation Report: A Potential Game-Changer for Fed Policy and Markets READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment