Gold prices traded near record highs seen in 2020, holding firmly above the key US$2,000 level on Wednesday, as the dollar weakened following the release of disappointing US economic data, which fueled speculation that the Federal Reserve may relax its monetary policy stance.
As of 8:23 AM (Bangkok Time), the spot price of gold remained unchanged at US$2,020.39 per ounce. Gold futures in the United States were flat at $2,037.20. Overnight, gold prices increased by around 2% as a string of negative US economic data reinforced predictions of a less aggressive Fed policy.
The dollar index fell 0.1%, making bullion more affordable for those using foreign currencies.
The number of job openings in the United States dropped to its lowest level since May 2021 in February, according to a survey released on Tuesday by the Labor Department. Total job openings dropped to 9.93 million in February, down over 600,000 from January and significantly lower than the 10.4 million predicted by FactSet.
Meanwhile, separate data indicated that in February, new orders for US-made goods declined for a second consecutive month.
