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Gold gains as the U.S. labor market appears to be losing momentum.

Gold recorded a gain of 0.37% yesterday, settling at 62965, propelled by concerns over the U.S. labor market’s apparent loss of momentum, highlighted by a surge in first-time unemployment benefit applications. 

The Federal Reserve’s decision to keep interest rates unchanged was accompanied by Chair Jerome Powell’s assertion during the press conference that rate cuts in March are unlikely, pushing back against market expectations.

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