Gold price rises on weak US jobs report
Gold (XAU/USD) climbed over 1% on Friday after a softer-than-expected US non-farm payrolls report tempered expectations of further Fed tightening, despite elevated inflation. The metal was trading near $4,174 at the time of writing.
Gold prices rose sharply on Friday as traders reacted to disappointing US employment data. The non-farm payrolls (NFP) report came in weaker than consensus estimates, prompting a reassessment of hawkish Federal Reserve policy bets even as inflation remains elevated.
At the time of writing, XAU/USD was trading at $4,174, having bounced off intraday lows. The move marks a clear reversal from earlier pressure, with the dollar retreating on the view that the Fed may not be able to sustain an aggressive hiking cycle given a softening labor market.
Source: FXStreet Forex News