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Commodities

Gold Price Holds Steady Near $4,356 Amid US Jobs Data and Central Bank Reserve Additions

Guavy AI Editorial Team
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Gold
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The gold price has been holding near the $4,356 support level as strong US jobs data continues to influence expectations of further Federal Reserve rate hikes.

This has put pressure on demand for gold as a non-yielding asset. In contrast, the People's Bank of China added 20 tonnes to its gold reserves in August, marking the 22nd consecutive monthly increase.

Technical analysis suggests that gold is currently trading below key trend indicators, with sellers dominant and a 65% probability of moving down to $4,356 to $4,449 over the next 2-3 days.

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