Gold Retreats From Record as Traders Weigh Fedspeak, Await Data
- Kashkari floats possibility of no rate reductions this year
- Relative-strength index signals the metal may be overbought
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Gold retreated after hitting a fresh record as investors weighed remarks from policymakers ahead of a key jobs report due Friday.
Minneapolis Fed chief Neel Kashkari said Thursday that interest-rate cuts may not be needed this year if progress on inflation stalls, especially if the economy remains robust. Meanwhile, Cleveland Fed President Loretta Mester separately suggested the central bank could be getting close to the level of confidence it needs to begin lowering rates within months.