Market News
Gold pulls back from historic highs as US looks to jobs data - REUTERS
Gold (GC=F)
Gold prices pulled lower on Thursday morning on London, with futures dipping around 1% following recent highs as investors took profits off the table and searched for further clarity on the US Federal Reserve's rate cut path.
Gold futures contracts changed hands at $3,599 per ounce. The yellow metal's spot price declined 0.8% from the previous session to trade at $3,541.
On Wednesday, gold prices climbed to a new record high. It came as investors also sought out a safe haven following a recent selloff in equity and bond markets and ongoing global economic uncertainty.
The prospect of US interest-rate cuts also boosted the metal’s appeal after Federal Reserve chair Jerome Powell cautiously opened the door to a reduction.
Meanwhile, the World Gold Council said it is seeking to launch a digital form of the precious metal. The move could revolutionise London’s $900bn physical market for gold by creating a new way to trade, settle and collateralise bullion.
