China's Gold Reserves Boost Precious Metal Prices Amid Fed Rate,

Gold prices have climbed in early Asian trading, buoyed by China's continued accumulation of the precious metal in its reserves. ANZ analysts note the robust central bank purchasing trend, highlighting China's consistent additions to its gold reserves for the tenth consecutive month. Official data released on Thursday revealed that China's gold reserves increased from 68.69 million ounces at the end of July to 69.62 million ounces in August. Nonetheless, the upward momentum in gold prices may face headwinds from the "strong US jobs data, which reinforces expectations of the Federal Reserve maintaining elevated interest rates," the analysts caution. Currently, spot gold is trading 0.1% higher at $1,920.72 per ounce.

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Gold held firm above the $1,920 per ounce mark on Friday, but it remained on course to conclude the week with losses, largely attributed to the latest data indicating a robust U.S. economy. This economic strength provides the Federal Reserve with room to maintain a stringent monetary policy stance or potentially increase interest rates.

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In the last week of August, new jobless claims in the United States dropped to their lowest point in over half a year, defying market expectations of a minor increase and conflicting with recent data indicating a potential labor market slowdown.

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Surprisingly, the ISM Services PMI in the United States surged to 54.5 in August, indicating the most robust growth in the services sector in half a year and significantly surpassing the anticipated value of 52.5.

As a result, market observers are beginning to anticipate a more hawkish stance from the Federal Reserve in its upcoming meeting, potentially signaling a forthcoming interest rate hike.

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