Gold trimmed losses to about 4,080 dollars per ounce on Friday but remained on track for a weekly decline as markets digested stronger US labour data, dovish central bank signals and softer US yields.
The delayed Labor Department report showed nonfarm payrolls rose by 119K in September and the unemployment rate ticked up to 4.4%, which initially reduced the odds of an immediate Fed cut and pushed the dollar higher.
Minutes from the Fed October meeting revealed a divided committee and scaled back some earlier easing bets, yet remarks from the NY Fed president that a near term adjustment toward neutral may be possible prompted markets to reprice cuts and drove benchmark yields lower, removing a headwind for gold.
The US 10 year yield has fallen from midweek highs and is trading below 4.1%, trimming the opportunity cost of holding non yielding bullion and helping underpin the rebound. Macro gauges are mixed with the S&P Global flash composite PMI showing continued expansion in November.
Source: Trading Economi
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