Gold price drops to near $2,310 per troy ounce during the Asian session on Monday after touching a new record high on Friday.
Gold price retreats from the new record high of $2,330 marked on Friday. The price of Gold faces challenges due toloweredchances of Fed rate cuts in June. US Nonfarm Payrolls added 303K new jobs in March, exceeding the expected 200K. The price of precious metal faces challenges primarily due to higher US Treasury yields, which weakens the non-yielding assets.
However, the previous growth of 275,000 was revised downward to 270,000. Federal Reserve Bank of Dallas President Lorie K. Logan emphasized on Friday that, given the upside risks to inflation, she believes it is premature to consider cutting interest rates. She stressed the necessity of resolving more uncertainty regarding the economic trajectory before making such decisions.
Macroeconomics Commodities XAUUSD
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