Key Points
(Reuters) Gold prices surged to a record high on Thursday, poised for their seventh consecutive daily rise, led by sluggish U.S. economic data and Federal Reserve Chair Jerome Powells indications of potential rate cuts in the coming months should inflation alleviate...
U.S. gold futures added 0.2% to $2,163.10...
The marginal weakness in U.S. data gave gold a reason to rally, yet the magnitude of movement appears disproportionately large, possibly influenced by large futures buying that commenced on Friday, Marcus Garvey, head of commodities strategy team at Macquarie, said...
Powells remarks, coupled with data released the same day indicating a softening of labour market conditions, resulted in U.S. Treasury yields and dollar sliding, increasing the appeal of gold..
If Fridays labour market data or next weeks inflation data shows any weakness, $2,300 would be the short term target based on technical levels, but that would be fairly a short lived phenomenon, before prices correct and consolidate, Macquaries Garvey said...
