Gold $4,822.60 (-0.57%): Closes Lower After Fed Comments and Jobs Data

Precious metals experienced a mixed session, with gold closing the day lower following comments from the Federal Reserve and employment data that suggest a robust economy. XAU retreated 0.57% to settle at $4822.60 per troy ounce. Comments from FOMC member Musalem, who indicated that interest rates would remain "for some time" and did not rule out additional hikes if inflation warrants, weighed on market sentiment. The spot price of gold reached an intraday high of $4845.10 and a low of $4818.90, reflecting caution after the statements. The gold ETF (GLD) saw a slight increase in its holdings during the afternoon, but it was not enough to counter selling pressure.

Silver, on the other hand, showed resilience, closing with a modest gain of 0.06% at $79.58 per troy ounce. Platinum stood out with a rise of 1.87%, reaching $2140.00, driven by news regarding the potential security of critical metal supplies. Palladium experienced a slight drop of 0.25% to close at $1587.50.

In the industrial sector, copper closed higher by 0.21% at $6.10 per pound, benefiting from data pointing to the strength of global demand and U.S. efforts to secure domestic supply chains, such as the Department of Energy's initiative for gallium.

The **Driver of the Session** was the release of Fed comments and employment data. The expectation that the Fed will maintain restrictive monetary policy for longer, coupled with a labor market showing little weakness, reduced the appeal of safe-haven assets like gold. Although geopolitical tension in the Strait of Hormuz and the estimated significant damage to Iran's energy infrastructure ($58 billion) continued to be background factors, U.S. monetary policy dominated the intraday narrative for gold.

**Tomorrow:** Consumer inflation data (CPI) in the Eurozone is expected, as well as statements from several ECB members. In the U.S., the focus will be on the minutes from the Fed's last monetary policy meeting, which could offer more clues about the future trajectory of interest rates. The evolution of the situation in the Strait of Hormuz will remain a key point to watch for precious metals.

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