Strong U.S. Data Weakens Rate-Cut Bets, Adds Pressure on Gold — Can New Highs Still Come?

Gold prices came under selling pressure on Thursday after U.S. economic data reduced expectations for further Fed rate cuts.

The latest figures showed jobless claims declined, signaling an easing of labor market concerns that had been one of the main justifications for cutting rates. In addition, second-quarter GDP growth rose to 3.8%, indicating that urgent easing is not needed for the economy.

Tim Waterer of KCM Trade emphasized that the U.S. dollar, which climbed to a three-week high after the data, will remain the main headwind for gold in the coming days.

What’s next for gram gold? Hikmet Baydar, founder of 3. Göz Danışmanlık, noted that while indicators show risks, a confirmed downtrend has not yet emerged. He added that testing new highs would be natural as long as medium-term signals don’t turn negative. Technical levels to watch include $3,622 for ounces abroad and 4,810 TL domestically. Unless these are breached, the upward move may continue.

Baydar highlighted that signals will become clearer with moves around 4,903 TL and 5,054 TL. If the price consolidates at premium levels, buying may be risky. Whichever level holds will determine the trend direction. With rate-cut expectations still alive, geopolitical risks elevated, and no clear downside signals yet, maintaining positions seems reasonable. He also sees potential for gram gold to test 5,500 TL toward year-end.