Gold price retreats on Thursday after running during the last five days to an all-time high (ATH) of $2,531. XAU/USD slumped below the previous ATH of $2,483 during Thursday’s session.
A tick up in US Treasury bond yields following the data release in the United States (US), bolstered the Greenback and weighed on the golden metal. The XAU/USD trades at $2,482, down by over 1%.
Data from the US Bureau of Labor Statistics (BLS) revealed that the number of Americans filing for unemployment benefits rose above estimates and the prior reading figures. Other data showed that Business Activity remains solid, even though manufacturing activity contracted for the second straight month, according to S&P Global.
Bullion traders digested the Federal Open Market Committee’s (FOMC) last meeting Minutes, released on Wednesday, which surprisingly showed that the “vast majority” of FOMC participants supported the case to ease policy at the September meeting if data met expectations.
