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πŸ“Š Gold continues declining after reaching record highs

The gold (XAU) price fell by 1.51% on Thursday, even though the recent data showed that the U.S. economy contracted in Q1. Meanwhile, the Personal Consumption Expenditures (PCE) Price Index remained flat in March.

πŸ‘‰ Possible effects for traders

Gold hit a two-week low of around $3,224 as the U.S. dollar strengthened, particularly due to signals of a possible easing in trade relations between the U.S. and China. Still, gold remains in focus for investors as a safe-haven asset amid ongoing concerns about the global economic slowdown and financial market instability.

XAUUSD rose by 0.44% during the Asian and early European trading sessions, rebounding from the $3,231 support level. Today, traders should focus on the nonfarm payroll report at 12:30 p.m. UTC. Higher-than-expected data may deepen bearish momentum in precious metals, while lower figures may support gold.

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