Gold falls after strong US jobs data raises rate expectations
Gold took a hit on Tuesday after strong US jobs numbers suggested interest rates might stay high for longer.
The Bureau of Labor Statistics reported job openings at their highest in nearly two years and fewer layoffs, making gold less attractive compared to assets that earn interest.
The metal initially jumped but then retreated as traders reacted to the news.
StoneX says gold likely range bound
Global tensions are still in play, especially with hopes for a Middle East ceasefire.
Rhona O'Connell from StoneX summed it up: "Although some progress has been made, the key issues remain unresolved, meaning that prices are likely to remain range-bound, potentially with a downward bias on the back of interest-rate expectations."
By 11:58am in New York, spot gold was up just 0.4% at $4,501.72 an ounce, while silver climbed 1.2%.