Gold Prices Remain Pressured Above $2,900, US NFP Awaited
Gold prices traded with a mild negative bias for the second straight day on Friday (3/7), albeit lacked any follow-through selling and remained confined within a multi-day-old trading range. The intraday downtick could be attributed to some repositioning trade ahead of the closely watched US monthly employment details due later during the North-American session. The widely-watched Nonfarm Payrolls (NFP) report will play a key role in influencing the near-term US Dollar (USD) price dynamics and provide a fresh directional impetus to the commodity.
Heading into the key data risk, bets that the Federal Reserve (Fed) could cut interest rates multiple times in 2025 amid concerns over slowing US economic growth kept the USD pressured near multi-month lows touched on Thursday. Apart from this, persistent concerns over US President Donald Trump’s trade policies and the risk-off sentiment might continue to act as a tailwind for the safe-haven Gold prices. This, in turn, warrants caution for bearish traders and makes it prudent to wait for a strong follow-through selling before positioning for further losses.
Source: FXStreet