Gold prices edged higher during the North American session as traders braced for the release of the latest Nonfarm Payrolls (NFP) figures in the United States (US), which could be crucial for the direction of interest rates set by the Federal Reserve (Fed). At the time of writing, XAU/USD was trading at $3,348, up 0.29%.
The latest jobs report, as revealed by ADP, showed that companies are cutting hiring instead of laying off people as they adjust to the current economic environment. News that Microsoft is cutting 9,000 jobs painted a gloomy outlook for the labor market.
On Thursday, the US Bureau of Labor Statistics will release its latest employment report, which is expected to show that the economy added 110,000 Americans to the workforce, below the 139,000 added in May. The Unemployment Rate is expected to rise from 4.2% to 4.3%, still within the 4.4% projection set by the Fed in its latest Summary of Economic Projections.
Geopolitical risks eased sharply as news of a possible 60-day ceasefire in Israel's offensive on Gaza broke. This, coupled with a ceasefire agreement between Israel and Iran, capped Gold's rally, with the yellow metal faltering in its attempt to reclaim the $3,400 mark.
Also, traders' focus shifted to the trade deal between the US and its neighbors. With the July 9 deadline looming, US President Trump has said he will not extend the deadline to continue higher tariffs.
The shortened week, ahead of the US Independence Day on July 4, will feature Initial Jobless Claims and NFP on Thursday.(alg)
Source: FXstreet
Expectations that the Federal Reserve (The Fed) will cut interest rates have increased the appeal of gold, as yields on fixed-income assets (such as bonds) have become lower. The US dollar has weaken...
Gold rose on Friday (November 7) as expectations of further interest rate cuts from the Federal Reserve and lingering concerns over the US economic outlook amid the prolonged government shutdown boost...
Gold strengthened in the Asian session as signs of a fragile US economy emerged. US companies reported plans to cut more than 150,000 jobs last month—nearly triple the number in September—according to...
Gold (XAU/USD) edges lower on Thursday, after briefly reclaiming the key $4,000 psychological mark amid a weaker US Dollar (USD). At the time of writing, XAU/USD is trading around $3,985, easing from ...
Gold rose above the key $4,000 per oz level on Thursday (November 6th) as a weaker dollar and a prolonged US government shutdown raised concerns about the economic outlook. Spot gold prices rose 0.7%...
Expectations that the Federal Reserve (The Fed) will cut interest rates have increased the appeal of gold, as yields on fixed-income assets (such as bonds) have become lower. The US dollar has weakened, making dollar-priced gold cheaper for...
The dollar fell due to disappointing US jobs data, with layoffs reaching more than 150,000 in October, the highest in over 20 years. Another factor: the market is now considering the possibility that the Federal Reserve (the Fed) could cut...
Two weeks before the US Federal Reserve's final meeting, with the federal government's data taps closed, Atlanta Fed staff bolstered their economic outlook by analyzing how previous surveys of business executives aligned with data on employment,...
Asia-Pacific markets declined on Wednesday, following a decline on Wall Street, which was driven by concerns about the valuations of artificial...
The Institute for Supply Management (ISM) is scheduled to release its October Services Purchasing Managers' Index (PMI) on Wednesday. The report, a...
The ISM Services PMI rose to 52.4 in October 2025 from 50 in September, beating forecasts of 50.8, pointing to the strongest expansion in the...
European stocks opened lower on Wednesday (November 5th), reflecting a global downturn amid growing concerns over sky-high tech valuations.
The...