Gold held steady as traders pared expectations of Federal Reserve interest-rate cuts in the wake of stronger-than-expected US jobs data.
Bullion traded near $2,660 an ounce, continuing to tread water below a recent record high. Key US Treasury yields are back at 4 per cent after Friday’s blowout US jobs numbers undercut chances of a big rate reduction by the Fed in November.
Gold has rallied about 29pc this year with recent gains fuelled by rate-cut optimism. The metal has also been supported by robust purchases by central banks as well as haven demand amid ongoing conflicts in Ukraine and the Middle East.
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