The precious metal set a record high of $2,522.5 an ounce on Aug. 2, before slumping as low as $2,403.8 on worse-than-expected U.S. economic data and a global stock selloff. This slump was largely driven by profit-taking and holders of gold liquidating t

Gold stalls as U.S. Recession Fears Continue to Ease

By Joseph Hoppe, Dow Jones Newswires

Last Updated:  Aug. 9, 2024 at 12:22 PM EDT

Gold futures were broadly flat at $2,463.5 a troy ounce, holding ground amid stabilization in the broader financial market and cooling recession fears, ING said.

The precious metal set a record high of $2,522.5 an ounce on Aug. 2, before slumping as low as $2,403.8 on worse-than-expected U.S. economic data and a global stock selloff.

This slump was largely driven by profit-taking and holders of gold liquidating their positions to cover losses elsewhere in the market. Still, expectations of a U.S. interest-rate cut in September continue to support gold fundamentally, ING analysts said in a note.

U.S. initial jobless claims on Thursday—the weekly unemployment report—were also better than expected and helped ease economic concerns in the immediate terms, ING added.

Read the full article at:  Gold stalls as U.S. Recession Fears Continue to Ease (barrons.com)