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 Banking Crisis 2.0? NYCB Stock Down 60% in One Week READ MORE Gold to Hit $2200 in 2024, Wells Fargo Joins Bullish Forecast READ MORE ING Gold Monthly: The Bull Run Isn't Over Yet READ MORE SAXO Bank: Gold is Ready to Rise READ MORE Record-Breaking Rally: Gold Prices Soar on Economic Easing and Safe-Haven Demand READ MORE Add a Comment Cancel replyYour email address will not be published.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