FX.co ★ Gold Extends Losses

Gold prices fell to approximately $4,440 per ounce on Thursday, continuing the decline observed in the previous session. Investors are weighing mixed U.S. economic data, while also focusing on significant geopolitical developments. In the economic landscape, job openings saw a larger-than-anticipated decrease in November, indicating a weakening in labor demand. Additionally, the increase in private payrolls for December did not meet expectations. Conversely, the ISM data revealed stronger-than-anticipated growth within the services sector. Market participants are now eagerly awaiting Friday’s nonfarm payrolls report, which is expected to offer insights into the Federal Reserve’s policy decisions. The current market sentiment is reflecting the possibility of two interest rate cuts within the year. On the geopolitical stage, the U.S. government has announced plans to exert long-term control over Venezuelan crude oil sales, alongside the seizure of additional tankers linked to Venezuela. Furthermore, the White House has confirmed ongoing discussions about acquiring Greenland, a plan that includes potential military involvement. In other developments, China's central bank extended its gold-purchasing spree to 14 consecutive months as of December.