BENGALURU- Gold prices retreated on Thursday on profit-booking after hitting a near four-week peak in the last session, while focus shifted to jobs report due on Friday for clarity on the Federal Reserve’s 2025 interest rate path.
Spot gold eased 0.1 percent to $2,659.62 per ounce. US gold futures rose 0.2 percent to $2,678.30.
“Prices are trading in a narrow range and there is some profit-booking in place. A new trigger is needed for gold to breach its resistance,” said Ajay Kedia, director at Kedia Commodities in Mumbai.
The bullion hit a near four-week high in the last session after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.
The ADP National Employment Report on Wednesday showed US private payrolls growth slowed sharply a month ago to 122,000 from 146,000 in November 2024. Economists polled by Reuters had forecast a gain of 140,000.
The market now awaits US jobs report on Friday for more cues on the Fed’s policy path.
Policymakers at the Fed’s last meeting agreed that inflation was likely to continue slowing this year and saw a rising risk of price pressures remaining sticky due to the potential effect of Trump’s policies, the minutes showed.
