Gold Steady Ahead of US Nonfarm Payrolls
Gold (XAU/USD) struggled to capitalize on its modest intraday gains as traders opted to await the release of US monthly employment data before making their next move. The popular Nonfarm Payrolls (NFP) report will play a key role in influencing market expectations regarding the Federal Reserve's (Fed) interest rate cut path. This, in turn, will boost the US Dollar (USD) and provide fresh impetus for the non-yielding yellow metal.
Meanwhile, growing acceptance that the US central bank will resume its rate-cutting cycle later this month is keeping USD investors on the defensive and acting as a boost for gold prices. Furthermore, ongoing trade-related uncertainty is expected to contribute to limiting the decline of this safe-haven precious metal. Despite this, the XAU/USD pair remains on track to end in the green for the third consecutive week and record its best week in three months. (ayu)
Source: Newsmaker.id