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Market comments on behalf of Eric Chia, Financial Markets Strategist at Exness
Gold retreats on profit-taking, but bullish fundamentals remain intact
Gold eased on Thursday, retreating from record highs as investors secured their profits following the asset’s long winning streak. Despite the pullback, the metal remains well supported by expectations of Federal Reserve easing, persistent concerns over central bank independence, and heightened geopolitical risks.
Signs of a softer US labour market continued to reinforce the case for policy loosening. Job openings in July were lower than expected, while Fed Governor Christopher Waller joined other officials in signalling that rate cuts should begin this month. Markets are now focused on jobless claims and Friday’s nonfarm payrolls for confirmation of weakness.
Geopolitical tensions continue to underpin the market. Russia’s President Vladimir Putin warned he is prepared to continue fighting in Ukraine if no deal is reached, while in the Middle East, Hamas called for UN intervention as tensions escalate. Adding to the bullish outlook, central banks and institutional investors continue to provide steady inflows
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