Gold price slips beneath $2,910 as US yields rebound
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US Nonfarm Payrolls show steady job growth, but Fed remains in no rush to cut rates. Powell reiterates that inflation path will be “bumpy,” keeping policy steady for now. PBoC adds 10 tonnes of Gold in early 2025, while Poland’s NBP purchases 29 tonnes. Gold prices fell on Friday as the Greenback trims some of its losses and US Treasury bond yields recover following the release of a US jobs market report. At the time of writing, the XAU/USD trades at $2,907, down 0.11%. The US Bureau of Labor Statistics (BLS) released the February Nonfarm Payrolls (NFP) report, which showed that the economy added more people to the workforce than in January despite missing the mark. The same data showed that the Unemployment Rate remained within familiar levels with Federal Reserve (Fed) Governor Adriana Kugler saying that hiring remains above the breakeven level. Kugler added that uncertainty is difficult for all parts of the economy. Earlier, she stated that monetary policy would remain steady for some time and added that wages are not a source of inflationary pressure. Recently, Fed Chair Jerome Powell reiterated that the central bank is not in a hurry to lower rates. Powell added that getting inflation to 2% would be bumpy and that the central bank doesn’t need to overreact to one or two readings. Powell said the Fed is well-positioned regarding monetary policy. When asked about tariffs, Powell said it remains to be seen if they would be inflation-prone. Easing geopolitical tensions capped Bullion’s advance as there’s some progress in a possible ceasefire agreement between Ukraine and Russia. In the Middle East, US President Trump continued to exert pressure on Hamas to release hostages. Central banks buy Gold In the meantime, the People’s Bank of China (PBoC) continues to purchase Gold, according to the…
Filed under: News - @ March 8, 2025 7:17 pm