Gold drops amid rising US Treasury yields and a stronger US Dollar.
US equity downturn and job market worries heighten market jitters ahead of Nonfarm Payrolls.
Fed's Goolsbee suggests cautious monetary policy, impacting gold amidst global trade tensions.
Gold price advance stalled on Thursday as United States (US) Treasury bond yields recovered, and the Greenback holds minimal gains. Traders seem to be booking profits ahead of the release of the latest US Nonfarm Payrolls report, which could spark volatility in the financial markets. XAU/USD traded at $2,852, down 0.38%.
With no clear catalyst, the market mood shifted negatively as US equity indices turned lower. Despite this, the non-yielding metal continued to trim some of its weekly gains amid increased tensions due to the trade war between China and the US.
In addition, US jobs data showed that the number of people applying for unemployment benefits rose in the week ending February 1, revealed the US Department of Labor. A Bloomberg report said the report was mainly ignored due to distortions spurred by wildfires in Los Angeles and worse weather conditions in other parts of the US.
Bullion failed to gain traction amid dovish comments by Chicago Fed President Austan Goolsbee. He said the Fed is in good shape for eventual cuts, though he added that uncertainty around Washington policies warrants a "slower approach.
The US Dollar Index (DXY), which tracks the buck's performance versus a basket of six currencies, holds minimal gains of 0.06% and is at 107.68.
The US 10-year Treasury bond yield climbs one and a half basis points, up at 4.44%.
US real yields, which correlate inversely to Bullion prices, climb one and a half basis points from 2.01% to 2.0026%, a tailwind for XAU/USD.
For the week ending February 1, US Initial Jobless Claims increased to 219K, up from 208K the previous week and surpassing forecasts of 213K. This rise indicates more Americans filed for unemployment benefits than expected.
US Nonfarm Payrolls in January are expected to dip from 256K to 170K. The Unemployment Rate is projected to remain unchanged at 4.1%.
Money market fed funds rate futures are pricing in 47.5 basis points (bps) of easing by the Federal Reserve in 2025.(Cay) Newsmaker23
Source: Fxstreet
Harga emas menguat di sesi perdagangan pagi Asia hari Jumat (6/6), di dukung oleh pertemuan Trump dan Xi via telpon dan data ekonomi AS yang di rilis hari Kamis mengindikasikan pelemahan berkelanjutan...
Gold rose after dropping 2% last week — as rising geopolitical and trade tensions revived demand for the haven asset. Bullion rose as much as 0.8% in Asia after Ukraine launched a series of dramatic d...
Gold price (XAU/USD) kicks off the new week on a weaker note and erodes a part of Friday's strong gains to over a two-week high, though the downtick lacks bearish conviction. US President Donald Trum...
Harga emas berada di dekat rekor terbaru dalam perdagangan awal Asia dan di perdagangkan di level $3.136, setelah mencapai rekor tertinggi di sesi sebelumnya akibat dari rencana Presiden Trump untuk m...
Emas lanjutkan penguatan minggu lalu di perdagangan pagi Asia berada di $3.098, dengan investor investor beralih ke aset safe haven di tengah isu tarif terbaru yang Presiden Donald Trump yang meningka...
The US dollar strengthened slightly for the first time in a week. The trigger: the high probability that the US shutdown will end soon, so the market is hoping for economic data releases (such as NFP, CPI, etc.) to resume. The Bloomberg Dollar Spot...
Shutdown AS Reda, Investor Asia Gaspol Lagi? The reopening of the US federal government is approaching. This has given investors relief as official economic data will begin to flow again, providing clues to the direction of monetary policy. Risk...
Asian stocks advanced for a second consecutive day as progress toward ending the record-long US government shutdown lifted sentiment, sparking a cross-asset rally from commodities to cryptocurrencies. Shares in Japan, South Korea and...
Global stock markets rallied at the start of the week amid growing optimism that the US government shutdown will soon end. S&P 500 futures rose...
The longest government shutdown in U.S. history could end this week after a compromise that would restore federal funding cleared an initial Senate...
China has begun designing a new rare earth licensing regime that could speed up shipments, but it is unlikely to amount to a complete rollback of...
Asian stocks advanced for a second consecutive day as progress toward ending the record-long US government shutdown lifted sentiment,...