Gold Prices Firm as Soft U.S. Data Sparks Rate Hike Pause,...

Gold prices showed strength on Thursday, buoyed by recent weak U.S. economic data, which has increased speculation that the Federal Reserve might delay further rate hikes this year. However, a simultaneous surge in Treasury yields and a stronger dollar have kept gold on course for a monthly decline.

Here are the key details:

- **Spot gold** rose by 0.2% to reach $1,946.17 per ounce as of 0114 GMT. This puts it close to the one-month high it achieved on Wednesday.

- U.S. gold futures remained steady at $1,973.10.

This delicate balance between economic data, interest rates, and currency movements is closely watched by investors in the gold market.

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✅TP1: 1943
✅TP2: 1938

🚫SL: 1953

Comment:

* Bullion is poised for an almost 1% monthly decrease, with the U.S. dollar heading for its first monthly gain in three months and U.S. Treasury yields marking their fourth consecutive monthly increase, reaching levels not seen since 2007 last week.

Comment:

* The second-quarter U.S. economic growth was revised slightly lower than initially estimated. Investors are currently anticipating the release of PCE inflation data later today, with the non-farm payrolls report scheduled for Friday.

Comment:

The data unveiled earlier this week revealed that the second-quarter U.S. economic growth was slightly less robust than initially anticipated. Additionally, U.S. job openings in July plummeted to their lowest point in nearly 2.5 years, signifying a gradual deceleration in the labor market.

Comment:

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