Gold prices dropped in the New York market even though U.S. long-term interest rates decreased. Gold has been struggling to rise, and its upward momentum remains limited.
This decline is believed to be influenced by a statement from Federal Reserve Chairman Powell, who said that ‘Bitcoin is a direct competitor to gold and not a threat to the U.S. dollar.’
Additionally, the political situation in France eased after the French Prime Minister resigned following the approval of a no-confidence vote. Far-right leader Marine Le Pen mentioned that the budget proposal could be passed in the coming weeks. This reduced political uncertainty in France, leading to more selling of gold.
Today, the U.S. jobs report will be released. A significant increase in job numbers is expected, reversing the decline from the previous month. If the report lowers expectations for Federal Reserve interest rate cuts, gold prices could fall further.
Predicted Range for Gold (in USD): 2,655–2,605
Note: The above information does not guarantee profits. Make your own decisions when trading.