Gold Pares Gains From Record High After US Payroll Revisions

Core Insights - Gold prices reached a new record before paring gains as traders analyzed US job data and awaited inflation figures that could influence the Federal Reserve's interest rate decisions [1][2] - The US job growth for the year through March was revised down by 911,000, or 0.6%, indicating earlier-than-expected labor market weakness [1][2] Group 1: Market Reactions - The dollar strengthened, causing gold prices to drop by as much as 0.2% before recovering [2] - Traders are anticipating about three interest rate cuts this year, focusing on upcoming US producer and consumer inflation data [2] Group 2: Gold Market Dynamics - Gold has surged nearly 40% this year due to central bank purchases, speculation on rate cuts, and increased demand for safe-haven assets amid geopolitical tensions [3] - The one-month volatility for gold has risen recently, leading to higher premiums for options [3][4] Group 3: Future Expectations - Analysts, including Goldman Sachs, predict further gains for gold, potentially reaching nearly $5,000 an ounce if investors shift a small portion of their Treasury holdings to bullion [5] - Exchange-traded funds (ETFs) have seen significant inflows into gold since the Jackson Hole conference, with the highest inflows in almost three months recorded recently [6]