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Commodities

Gold Price Breakout to $5,000 Hinges on US Payrolls Data

Guavy AI Editorial Team
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Gold
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The spot gold price rose to a seven-week high near $4,304 on Thursday as Middle East diplomacy reduced energy-related inflation fears.

The weakness in the US dollar also supported gold. However, the latest US data presented a mixed economic picture with conflicting signals from various indicators.

The JOLTS job openings, factory orders and ADP employment pointed to softer demand, but the ISM services and manufacturing data showed strong activity and persistent price pressure.

The upcoming US payrolls data is crucial for determining gold's next move. A breakout towards $5,000 in gold could be triggered by this event.

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