Oddbean

Gold retreats on profit-taking ========== Gold prices retreated on Friday as profit-taking kicked in after bullion jumped over 1% earlier in the session on hopes of rate cuts buoyed by weaker than expected US jobs data. Spot gold fell 0.7% to $2,428.36 per ounce as of 1708 GMT. US gold futures slipped 0.4% to $2,471.50. Gold has gained 1.8% so far this week as rising safe-haven demand due to Middle East tensions and expectations of rate cuts by the US Federal Reserve made the metal more appealing for investors. US 10-year yields dropped to their lowest since December and the dollar hit its lowest since March after data showed that employers added fewer jobs in July than economists had forecast, while the unemployment rate increased to 4.3%. Bullion is traditionally considered a hedge against geopolitical and economic risks, and lower interest rates reduce the opportunity cost of holding the asset. #Gold #Profittaking #RateCuts #UsJobsData https://www.brecorder.com/news/40315785/gold-retreats-on-profit-taking