Gold Price Forecast: XAU/USD declines to near $4,450 as safe-haven demand eases
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Gold price loses ground to around $4,450 in Thursday’s early Asian session.
Demand for safe-haven assets cools after geopolitical tension, weighing on the Gold price.
Traders will closely monitor the US December jobs data on Friday for fresh impetus.
Gold price (XAU/USD) declines to near $4,450 during the early Asian trading hours on Thursday. The precious metal loses momentum as traders book profits after a recent rally. Later on Thursday, the weekly US Initial Jobless Claims data will be released. The attention will shift to the US December employment report on Friday.
Traders began to put geopolitical concerns on the back burner following the shocking US capture of Venezuelan President Nicolas Maduro over the weekend. Markets might turn cautious later in the day ahead of the release of key US economic data this week. “We’re viewing today’s pullback as general profit taking after that recent surge,” said David Meger, director of metals trading at High Ridge Futures.
The US employment report for December will be closely watched on Friday, as it might offer some hints about the interest rate path. The US economy is expected to see 60,000 job additions in December, while the Unemployment Rate is projected to tick lower to 4.5% during the same period.
If the reports show a weaker-than-expected outcome, this will support the case for US Federal Reserve (Fed) easing, which underpins the Gold price. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal.
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