Gold surged to a record high of $2,631.13 an ounce, rising 0.4%, ahead of key US economic data that may influence the Federal Reserve’s next moves on interest rates. Traders are watching personal consumption and jobless claims figures for hints.
Check out Forex gold trading tips that could help to make a deal
Fed Governor Christopher Waller signaled possible quarter-point rate cuts in upcoming meetings, but a larger cut could happen if the job market weakens.
Gold’s rally might be overextended, with its RSI nearing 70, signaling an overbought status. Tensions in the Middle East are also driving safe-haven demand. Other metals, including silver and platinum, declined.
Check out: Unlocking gold futures: expert tips on key indicators and chart analysis
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