Gold managed to skyrocket higher in late trading yesterday and retreated after the release of strong US economic data and US President Donald Trump's press conference statement.
At 9.20 am, gold prices were at $2,648.32, almost the same since it opened in early trading Wednesday in the Asian session.
The latest jobs report strengthened amid an increase in new jobs data and this reassured investors that the labor market is still resilient.
In addition, business activity in the service sector improved significantly and widespread attention will see expectations for further policy easing for 2025 by the Federal Reserve (Fed).
US President Donald Trump said in his speech that he wants to take back control of the Panama Canal and reiterated that he will impose tariffs on Canada and Mexico.
This potential will further strengthen the USD and limit the positive strengthening for gold prices
Ahead of this week, the US economic docket will feature ADP Employment Change, Initial Jobless Claims, FOMC Meeting Minutes and the December Non-Farm Payroll (NFP) report.
