Gold

Spot gold slipped as much as 0.1% after the data release. The price was 0.1% higher at US$2,670.84 ($3,662.94) an ounce as of 8.39am in New York.

Analyst Sim Moh Siong has kept his 12-month gold price target unchanged at US$2,900 ($3,955.43)/oz.

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In the longer term, potential risks related to Trump's policies and the resumption of central bank gold buying should push prices higher again.

The US$2,720 level has proven to be a critical resistance for gold, with the previous two interactions triggering “significant short-term bearish reversals”, notes Yeap Jun Rong, IG market strategist.

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Prices — which have rallied more than 30% this year — enjoyed a lift in recent sessions after the People’s Bank of China resumed purchases after a six-month pause.

The PBOC had added to its stockpiles for 18 consecutive months up until April this year, helping to underpin the strength in bullion prices.

Gold eased, pressured by a rising US dollar after President-elect Donald Trump warned the so-called BRICS nations that he would require commitments that they would not move to create a new currency.

Gold prices have hit successive records this year on US rate-cut expectations and geopolitical tensions. Goldman Sachs Group Inc. is forecasting they will reach US$3,000 an ounce by the end of 2025.