The post Gold price remains depressed above $2,900, US NFP awaited appeared on BitcoinEthereumNews.com.

Gold price edges lower on Friday amid some repositioning ahead of the crucial US NFP release.  Rising trade tensions, the risk-off mood, and a weaker USD lend support to the precious metal. Bets for more interest rate cuts by the Fed contribute to limiting losses for the XAU/USD pair. Gold price trades with a mild negative bias for the second successive day on Friday, though it lacks follow-through selling and remains confined in a multi-day-old trading range. The intraday downtick could be attributed to some repositioning trade ahead of the closely-watched US monthly employment details due later during the North American session. The popularly known Nonfarm Payrolls (NFP) report will play a key role in influencing the near-term US Dollar (USD) price dynamics and provide a fresh directional impetus to the commodity. Heading into the key data risk, bets that the Federal Reserve (Fed) could cut rates multiple times in 2025 amid worries about a slowing US economic growth keep the USD depressed near a multi-month low touched on Thursday. Apart from this, persistent worries about US President Donald Trump’s trade policies and the risk-off mood might continue to act as a tailwind for the safe-haven Gold price. This, in turn, warrants some caution for bearish traders and makes it prudent to wait for strong follow-through selling before positioning for any further losses. Daily Digest Market Movers: Gold price traders keenly await the US NFP report before placing fresh directional bets Mounting worries over the potential impact of US President Donald Trump’s trade tariffs on the US economy keep the US Dollar depressed near its lowest level since November 11 and should act as a tailwind for the Gold price.  The uncertainty surrounding Trump’s trade policies, especially after another U-turn on the recently imposed tariffs on Mexico and Canada, continues…

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Filed under: News - @ March 7, 2025 4:28 am