Gold price holds above $3,350 on trade uncertainty, jobs data

Gold prices held above the $3,350-an-ounce level Wednesday as unresolved trade tensions, coupled with new US data, kept safe-haven demand elevated.Spot gold advanced 0.6% to $3,372.70 per ounce by 10:30 a.m. ET, approaching the one-month high seen earlier this week. In New York, the most-traded futures contract rose 0.5% at $3,395.10 per ounce.Live Gold Price Chart and Real-Time UpdatesMeanwhile, the US dollar index fell about 0.4%, making bullion more attractive to buyers.These moves came after fresh US data showed the worst monthly private sector jobs growth in years, fueling concerns about an economy that is still bracing for the impacts of tariffs.Following the data release, President Donald Trump piled pressure on the Federal Reserve, urging its Chairman Jerome Powell to start cutting interest rates.In addition, rising tensions between the US and China are still keeping risks — and thus gold prices — high, with Trump stating late on Tuesday that Chinese President Xi Jinping is tough and “extremely hard to make a deal with.”The focus now shifts to Friday’s US non-farm payrolls data for more cues on the Fed’s policy path. The bank’s officials have been taking a cautious stance, citing risks from trade tensions and economic uncertainty.“If the data is stronger than expected, interest rate cut expectations are likely to wane, which would weigh on the gold price,” said Commerzbank analyst Carsten Fritsch, in a Reuters note.“We see gold trading in a range between $3,300 and $3,400 per troy ounce in the short term,” he added.For the year, gold is up around 28% this year, just roughly $150 below an all-time high reached in April, as investors avoid assets exposed to the tariff war.(With files from Reuters)Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com