Gold holds range despite stronger-than-expected NFP
Gold (XAU/USD) a little changed on Wednesday, moving in a tight range as traders digest the mixed set of delayed September US jobs data. At the time of writing, XAU/USD is trading around $4,087.
The mood across markets has brightened after Nvidia delivered strong earnings, sparking a rebound in global equities and easing safe-haven flows into Gold. On top of that, a stronger US Dollar (USD) as investors scale back expectations of a December interest rate cut by the Federal Reserve (Fed) is adding pressure and limiting the metal’s upside.
Markets saw a sharp repricing in rate expectations after the Bureau of Labor Statistics confirmed that the October Employment Situation Report will be released together with the November data. In addition, the hawkish-leaning Federal Open Market Committee (FOMC) Meeting Minutes published on Wednesday reinforced expectations that the Fed may leave interest rates unchanged in December.
Source: Fxstreet.com