Gold has maintained its comfortable position above $2,650 since the beginning of the week as investors eye the possibility of another interest rate cut by the Fed at the November FOMC meeting.
Additionally, the price of gold is currently at $2,658.46 which is up by 0.04% since it opened in early trading on Thursday.
It managed to create an all-time high on Wednesday by hitting $2,670 mid-session.
Earlier this week, economic data from the United States (US) showed that business activity in the manufacturing sector was sluggish while services remained resilient.
However, a decline in the consumer confidence survey by the Conference Board (CB) suggests that conditions in the labor market may be worse than projected.
Last week, the Fed cut interest rates by 50 basis points to 4.75% to 5.00% and the potential for further cuts is becoming more convincing.
FedWatch CME currently expects a cut of 50 basis points to be 60% and for 25 basis points to be 40% at the next meeting.
Meanwhile, gold prices have risen 29% since the start of 2024 due to high demand for physical gold, major central banks starting their easing cycle and geopolitical issues.
These tensions and geopolitics may keep market participants to set their targets at $2,700.
