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Indonesia News Portal for Traders | Financial & Business Updates

6 September 2024 13:49  |

Gold Price Trades Near Weekly Top Ahead of US NFP Report, Remains Below $2,525 Supply Zone

Gold price (XAU/USD) attracts some buyers for the third straight day on Friday and trades near the weekly peak heading into the European session. The uptick, however, lacks bullish conviction as investors opt to wait for the release of the crucial US Nonfarm Payrolls (NFP) report before placing fresh directional bets. In the meantime, rising bets for a larger interest rate cut by the Federal Reserve (Fed) in September exert downward pressure on the US Dollar (USD) for the third straight day and offer some support to the non-yielding yellow metal.

Meanwhile, a mixed bag of employment data released from the United States (US) this week suggested that the labor market was losing steam and fueled concerns about the health of the economy. This, along with persistent geopolitical tensions, tempers investors' appetite for riskier assets and turns out to be another factor acting as a tailwind for the safe-haven Gold price. That said, it will be prudent to wait for some follow-through buying before positioning for an extension of a two-day-old uptrend ahead of the key US macro data risk.

Gold remain below $2525 and at $2518 per ons.

Source : FXStreet

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