Global precious metals markets saw a pullback today, with spot gold dropping 1.00% to $4411.11 per ounce. The decline comes amid a rebound in the U.S. dollar and persistent market expectations for higher-for-longer interest rates from the Federal Reserve.
Key Drivers Behind Gold’s Movement
- Stronger dollar weighs on dollar-denominated gold demand
- Hotter-than-expected U.S. inflation data delays rate cut expectations
- Temporary easing of geopolitical tensions reduces safe-haven buying
On the technical side, gold is approaching the critical $4400 psychological level. A break below could open the door to further downside. In the near term, traders should monitor U.S. nonfarm payrolls and Fed commentary for clues on gold’s next move.