#fedratecuts

Gold prices slid below the $2,000 mark.

Gold prices experienced a decline below significant thresholds during Asian trading on Monday, influenced by robust labor market data that prompted traders to reconsider expectations of an earlier commencement of Federal Reserve interest rate cuts in 2024.

The retreat saw spot prices dip below the $2,000 per ounce mark, representing a notable reversal from the record highs achieved in the previous week. The resilience of the U.S. dollar and indications of economic strength in the United States emerged as primary factors weighing on the precious metal, fueled by an improvement in risk sentiment.

At 23:19 ET (04:19 GMT), spot gold registered a 0.4% decline to $1,996.24 per ounce, while gold futures expiring in February experienced a 0.1% drop to $2,012.75 per ounce. Both instruments were trading approximately $150 below the peak levels attained in the preceding week.

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Gold Reaches Record Heights Amid Expectations of Early Fed Rate Cuts 📈🌟

On Monday, gold prices soared to unprecedented levels, hitting an all-time high, driven by market speculation of a potential Federal Reserve interest rate cut in the coming year.

As of 07:26 ET (12:26 GMT), spot gold remained mostly stable at $2,071.29 per troy ounce, retracting slightly from its earlier surge that propelled this sought-after safe-haven asset to a historic $2,135 per troy ounce. Last week witnessed robust gains in gold, marking a consecutive monthly rise throughout November.

The significant surge in the value of gold in recent sessions can be attributed to factors such as decreasing inflation, softer labor market indicators, and less-hawkish signals from the Federal Reserve. This has led to heightened speculation that the central bank may lower borrowing costs from the more than two-decade peak set in 2024.

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