Gold Eases as Markets Brace for Key US Data

​Gold prices edged lower to around $5,035 after touching a one-week high in the previous session, with traders turning cautious ahead of a busy US data calendar. The pullback reflects short-term profit-taking rather than a shift in the broader trend, as markets position for upcoming nonfarm payrolls and inflation readings.

Despite the dip, the macro backdrop remains supportive. Markets continue to price in two rate cuts from the Federal Reserve in 2026, with lower interest rates reducing the opportunity cost of holding non-yielding assets like gold. This expectation has helped keep downside pressure contained.

On the demand side, central bank buying remains a key pillar. China extended its gold purchases for a fifteenth consecutive month, reinforcing the metal’s role in reserve diversification amid ongoing de-dollarisation efforts. Safe-haven demand also persists, with geopolitical risks still elevated despite tentative diplomatic signals in the Middle East.

Read more on how upcoming US data, Fed rate expectations, and central bank demand could shape gold’s next move.