Gold Extends Gain Past $1,700 as Poor US Data Shifts Sentiment
- Surge through key technical levels emboldens gold bulls
- Fresh volatility looms for bullion ahead of US jobs data
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Gold extended an advance past $1,700 as weak US data drove a significant sentiment shift in the precious metals markets.
The metal is now closing in on its 50-day moving average after disappointing US economic prints fueled expectations that the Federal Reserve may put the brakes on its aggressive monetary tightening. US jobs openings fell more than expected in August to a more than one-year low, suggesting the labor market is cooling. On Monday, a US manufacturing gauge slumped more than expected.