Gold prices stayed in a narrow range on Thursday. However, the metal recorded losses for a third straight day. Traders reacted to inflation concerns and global uncertainty.
Spot gold traded near $4,680 per ounce. Meanwhile, the price fell by almost $10 per ounce from the previous session. Selling pressure pushed gold lower after it lost earlier gains.
Gold futures performed slightly better. Additionally, futures contracts traded close to $4,700 per ounce. This level showed continued market support.
Traders are now watching major political and economic events. For now, many investors remain cautious. They prefer to avoid new positions. As a result, traders are waiting for clearer signals. They want updates from world leaders and central banks.
Brian Lan, managing director of Gold and Silver Central, said investors are closely following upcoming international meetings. According to him, these discussions may influence short-term market sentiment.
Lan linked gold’s recent decline to stronger U.S. inflation data. At the same time, inflation concerns have grown in recent weeks.
Geopolitical tensions involving Iran have also pressured energy markets. Consequently, investors are monitoring inflation risks more closely.
Higher inflation often supports gold over time. In fact, many investors buy gold to protect their purchasing power. Nevertheless, current market conditions remain mixed.
Analysts believe inflation could delay U.S. interest rate cuts. As a result, gold has lost some short-term momentum.
Higher rates often reduce gold’s appeal. Investors usually prefer assets that generate yields.
The market is also monitoring the new leadership at the U.S. Federal Reserve. Therefore, traders are looking for clues about future monetary policy. Despite recent losses, gold remains near historic highs. Overall, global uncertainty still supports safe-haven demand.
Looking ahead, traders will watch upcoming U.S. economic data. Fresh political developments may also move gold prices in the coming days.
