Gold Prices Steady After Major Sell-Off Amid China and U.S. Economic News

Gold prices remained steady on Monday after experiencing the largest drop in three and a half years on Friday due to China’s central bank halting its gold purchases and a strong U.S. jobs report diminishing hopes of an imminent interest rate cut. Spot gold was stable at $2,296.17 per ounce, while U.S. gold futures dipped 0.5% to $2,313.30. The significant decline on Friday, a 3.5% drop, followed 18 months of continuous buying by China and unexpectedly strong U.S. employment data. Market expectations for a September rate cut by the Federal Reserve fell from 70% to 50%. The Fed’s upcoming policy meeting and U.S. inflation data will be closely watched.

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