Gold prices pared some of their gains on Monday as they fell more than 1% on Tuesday (03/6) following jobs data from the United States (US), which revealed that the labor market remains tight. At the same time, the overall strength of the greenback weighed on the non-yielding metal. XAU/USD was trading at $3,348 after hitting an intraday high of $3,392.
Investors' mood turned optimistic after the release of the latest US Job Openings & Labor Turnover Survey (JOLTS), which showed that job openings rose sharply in April. The data was positive, ahead of a busy week of much-anticipated jobs data releases. On Wednesday, the Automatic Data Processing (ADP) National Employment Change for May is expected to improve, followed by Friday's Nonfarm Payrolls figures.
Bullion prices fell on rumors of a possible phone call between US President Donald Trump and his counterpart, Chinese President Xi Jinping. Last week, Trump announced that China had violated the trade deal reached in Switzerland. He then doubled tariffs on steel and aluminum worldwide, set to increase from 25% to 50% and take effect on June 4.
The European Commission is pressing the United States to roll back tariffs. In turn, the Trump administration is urging trading partners to submit revised offers by Wednesday to speed up trade talks.
Atlanta Fed President Raphael Bostic said the best monetary policy approach right now requires "patience," and he still sees only one interest rate cut this year. (alg)
Source: FXstreet
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