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Home Gold Futures Gold Prices Decline in Asian Trade Amid Strong Economic Data and Fed Signals

Gold Prices Decline in Asian Trade Amid Strong Economic Data and Fed Signals

by anna

Gold prices experienced a downturn in Asian trade on Monday, extending losses from the previous week. The decline was driven by a combination of robust labor market data and hawkish signals from the Federal Reserve, leading markets to recalibrate expectations for early interest rate cuts.

The yellow metal saw a significant drop from its highs above $2,050 per ounce as the possibility of higher-for-longer interest rates added near-term pressure. During Monday’s trading, the US dollar surged to a near two-month high, accompanied by advancements in Treasury yields.

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In specific figures, spot gold witnessed a 0.4% decrease, reaching $2,031.60 per ounce, while gold futures expiring in April recorded a 0.3% decline, settling at $2,047.75 per ounce by 00:27 ET (05:27 GMT).

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