Gold prices have struggled to remain firmly above the key $2,000 level this week, weighed down primarily by a rebound in the U.S. dollar.

Spot gold fell to $1,994.56 per ounce by 08:55 GMT on Thursday.

The decline came as the dollar gained against major peers after new U.S. data challenged expectations of an imminent economic slowdown. Figures unexpectedly showed a drop in weekly jobless claims to their lowest in over a month, suggesting the world’s largest economy may be more resilient than feared.

The resilient labor market numbers indicate aggressive Fed tightening has not significantly cooled the economy yet. This led to dollar strength, weighing on gold.

With Fed minutes still pointing to higher rates for longer, the upside maybe limited for non-yielding bullion. But weakening global growth could spur safe-haven demand.

Holiday thin trading should contain gold prices, however, sometimes thin markets can cause unexpected wild swings so caution is key.