Gold Market
Gold price gained momentum to near $4,160 in early Asian trade on Monday after US Nonfarm Payrolls missed expectations, reducing the likelihood of a Fed rate hike this month. Rising US-Iran tensions also provided support.
Gold is heading for its second straight weekly drop, pressured by a stronger US dollar and higher bond yields. Traders are focused on upcoming payroll data for clues on Federal Reserve policy.
Gold trades in a narrow range below $4,200 during the European session on Friday as traders await the US Nonfarm Payrolls report for fresh directional cues.
Gold has returned to the red zone in Asia after failing to reclaim $4,200, trading near $4,172 as markets await US jobs data that could determine the next directional move.
Gold rose to near $4,180 in early Asian trading on Friday as US Treasury yields eased from multi-decade highs. Focus now turns to the US September nonfarm payrolls report, which could influence the Fed's rate path.
Gold dropped more than 0.4% on Monday after Friday’s US jobs report beat expectations, boosting bets that the Federal Reserve will raise interest rates again. Markets now price a 60% chance of a move in September.
Gold opens the week near $4,400, caught between rate hike fears from strong US jobs data and support from a stable dollar. Technical indicators suggest consolidation.
Gold extended its weekly losses on Friday, falling another 0.80% as the US dollar and bond yields rose on bets that the Fed could raise rates in September.
Gold price jumped more than 2% on Thursday after Fed Governor Christopher Waller signalled he would support keeping rates unchanged if disinflation continues. Mixed US data and a weaker dollar added to the rally.