18.01.202409:14:00UTC+00Gold Inches Higher As Dollar Steadies Ahead Of Labor Market Data

Gold inched higher on Thursday as the dollar held steady, after having hit its highest level in nearly five weeks on robust U.S. retail sales data.

Spot gold edged up 0.2 percent to $2,010.45 per ounce, while U.S. gold futures were up 0.3 percent at $2,012.35.

The dollar index traded at 103.33 in European trading, after reaching 103.69 on Wednesday for the first time since Dec. 13.

Treasury yields also dipped after climbing on Wednesday on rate outlook jitters.

Traders have trimmed their bets for the Federal Reserve rate cut by March, following hawkish comments from several Fed officials including Governor Christopher Waller.

That said, markets still price in around 145 basis points of cuts by the end of the year.

U.S. reports on weekly initial jobless claims, the January Philadelphia Fed manufacturing survey, and housing starts and building permits for December, along with comments from Atlanta Fed President Raphael Bostic may sway markets in the New York session.