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Gold Wavers as US Data Signal More Aggressive Fed Tightening

  • Metal earlier slipped as greenback rebounded after BOE move
  • Bullion market sentiment still bearish amid Fed’s rate hikes
Updated on

Gold fluctuated amid in a broad selloff as investors sought shelter in cash after the latest US economic data paved the way for more aggressive tightening from the Federal Reserve. 

Better-than-expected 2Q core PCE, a measure of inflation, and personal consumption numbers on Thursday suggested the US economy can handle further Fed tightening. Weekly jobless claims fell to the lowest since April, showing a persistently tight labor market.