Gold prices struggled to rise as tensions in South Korea, which had triggered a state of emergency the previous day, began to settle. However, when the U.S. ISM Non-Manufacturing PMI (a measure of business activity in the services sector) came in weaker than expected, long-term U.S. interest rates declined.
Despite this, the U.S. dollar remained stable due to cautious comments on rate cuts by Mussa Alem from the St. Louis Fed and Federal Reserve Chair Powell. As a result, gold’s price gains were limited, leading to little movement in the market.
With the important U.S. employment report scheduled for tomorrow, gold is expected to continue trading in a narrow range.
Gold/Dollar Expected Range: 2660–2627
Note: The information provided does not guarantee profits. Please make your own decisions when trading.