Gold rebounded higher on Thursday after the Federal Reserve (Fed) cut interest rates by 50 basis points at the latest US FOMC meeting.
Market participants are now ignoring the positive movement of the US Treasury yield which is able to put pressure on the valuable metal.
At 9.50am, the price of gold was at $2,587.98, up 0.05% since it opened early Friday.
As a result of the Fed meeting, the gold metal began to signal a steep downward trend after breaking all-time highs.
However, Wall Streets are predicting the Fed will cut interest rates twice by the end of 2024 after seeing the inflation figures come closer to the 2% target.
However, Jerome Powell insisted that the Fed was able to maintain the integrity of the labor report by readjusting the latest policy.
He said again, the Fed can maintain a slower policy and they will not rush to neutralize monetary policy.
Meanwhile, US employment data gained attention after Powell's speech in Jackson Hole where he moved towards achieving a maximum employment mandate.
On Thursday, the US Department of Labor revealed that the number of people filing for unemployment benefits was below expectations.
