Gold approaches session low $4,450/oz after U.S. weekly jobless claims fall to 206k

Gold is drifting toward the $4,450/oz Thursday session low after stronger-than-expected US labor data, with initial jobless claims coming in below economists’ forecasts. The data likely reinforces expectations for tighter policy/less rate cuts, pressuring bullion and contributing to near-term downside momentum.

Analysis

Gold is drifting toward the $4,450/oz Thursday session low after stronger-than-expected US labor data, with initial jobless claims coming in below economists’ forecasts. The data likely reinforces expectations for tighter policy/less rate cuts, pressuring bullion and contributing to near-term downside momentum.