Analyst: Profit-taking causes gold prices to quickly retreat from historical highs, market focuses on US employment data

Jinse Finance reported that gold prices softened on Thursday, as profit-taking occurred after reaching historic highs amid expectations of a US interest rate cut, while investors await key US employment data to be released this week. Spot gold fell 1% intraday, dropping to around $3,510 per ounce. Brian Lan, Managing Director of GoldSilver Central, stated: "We are seeing some profit-taking, but gold is still in a bull market. Expectations of rate cuts and concerns over the Federal Reserve's independence will increase safe-haven demand. Even if gold prices rise to $3,800 or even higher in the short term, we would not be surprised." (Golden Ten Data)