WASHINGTON (dpa-AFX) - Gold prices traded lower on Thursday after surging to a fresh record high in the previous session amid global economic uncertainty and growing bets on U.S. Federal Reserve rate cuts.
Spot gold dipped half a percent to $3,542.34 per ounce in European trade, while U.S. gold futures were down 0.9 percent at $3,601.65.
The dollar was steady after weakening in the previous session amidst bond market volatility.
Bond market worries subsided to some extent after Stephen Miran, President Donald Trump's nominee for the open Federal Reserve Governor role, pledged to uphold independence of monetary policy in his opening remarks submitted to the Senate Banking Committee.
In another significant development, the Trump administration on Wednesday night asked the Supreme Court to quickly intervene to overturn a lower court decision that found most of his tariffs are illegal.
Trading later in the day may be impacted by reaction to a slew of U.S. economic data, including reports on weekly jobless claims, service sector activity and the U.S. trade deficit.
As the labor market shows signs of fatigue, all eyes now turn to Friday's jobs report for August-the first since July's shocker, which included a massive downwards revision of jobs growth for May and June.
Federal Reserve Governor Christopher Waller on Wednesday said the U.S. central bank should begin lowering interest rates this month and make multiple cuts in the next three to six months.
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