The price of gold settles near its record level amid dollar fluctuations and the labor market

The price of gold is still near its standard level after reaching an unprecedented new peak around the $ 2854 region, while investors are concerned about the economic repercussions of customs duties imposed by US President Donald Trump that still supports the demand for gold as a safe haven, according to the FX platform. American Street.
Moreover, data indicated a slowdown in the American labor market that might force the Federal Reserve to keep the cash facilitation cycle despite the stability of inflation, which appeared in the form of another factor that contributed to pushing the flows towards the non -yellow metal of the return.

Gold and dollar movements

Meanwhile, the greater possibility of reducing the conditions of monetary policy by the Federal Reserve keeps the US dollar low near the lowest weekly level of it, which is seen as providing additional support for gold prices.
Also read: Why is gold a good safe haven yet despite its high prices?

Gold investors are cautious

However, Trump’s decision to postpone the customs duties on Canada and Mexico is still supportive of the direction of risk and may limit the gains of the commodity amid the conditions of the peak purchase and this makes it the wisdom of investors to wait before putting new ups in new buds about gold despite its great standard height so far.

Gold trend in gold

Lux -Street analysts say that the trend of bullish gold prices are still ongoing as investors continue to search for a safe haven for their assets.
China responded to the new customs duties imposed by US President Donald Trump and imposed targeted definitions on American imports, which raised fears of the trade war between the two largest economies in the world and raised the price of gold as a safe haven to a new standard level.
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What does the labor market decline for gold mean?

The employment survey and the employee rotation rate published by the American Labor Statistics Office showed that the number of vacancies on the last working day of December reached 7.6 million jobs, a decrease of 8.09 million jobs in the past.
The data indicated a slowdown in the labor market, which may allow the Federal Reserve to reduce interest rates further, and this keeps speculators on the rise of the dollar in a defensive position near its lowest weekly levels. The latter before saying confidently extending his upward direction.

Gold at the level of $ 2800

The increase in the yellow metal and its penetration of the level of 2800 dollars beyond beyond that the path of resistance is the lowest price of gold is still in the upward trend, and this in turn supports the possibilities of increasing the upward trend from the lowest level in December 2024.
However, analysts do not reduce the possibility of decline or exclude it because it says, as the FX Street platform says, “Nothing excluded in light of fluctuations” and for this the metal will find some support near the $ 2830 region before the level of $ 2800.
More decrease can be considered an opportunity to buy and is likely to remain limited near the horizontal resistance break point of $ 2773-2772, which has now turned into support. However, the convincing fracture below the last may lead to some technical sale and pave the way for deeper losses.