Gold trades with positive bias below $3,400, multi-week top ahead of US NFP
The post Gold trades with positive bias below $3,400, multi-week top ahead of US NFP appeared on BitcoinEthereumNews.com.
Gold price regains positive traction following Thursday’s late pullback from a multi-week high. The US-China trade talks optimism might hold back the XAU/USD bulls from placing fresh bets. A modest USD uptick might contribute to capping the commodity ahead of the US NFP report. Gold price (XAU/USD) attracts some dip-buying during the Asian session on Friday and reverses a part of the previous day’s retracement slide from levels just above the $3,400 mark or over a four-week peak. The commodity, however, remains confined in a multi-day-old range as traders seem reluctant to place aggressive bets and opt to wait for the release of the closely-watched US monthly employment details. The popularly known Nonfarm Payrolls (NFP) report will play a key role in influencing market expectations about the Federal Reserve’s (Fed) rate-cut path, which, in turn, will drive the US Dollar (USD) and provide a fresh impetus to the non-yielding yellow metal. Heading into the key data risk, some repositioning trade assists the USD to gain some positive traction and move away from its lowest level since April 22 touched on Thursday. Moreover, the optimism over renewed trade talks between the US and China – the world’s two largest economies – might contribute to capping the upside for the safe-haven Gold price. This makes it prudent to wait for sustained strength and acceptance above the $3,400 round figure before traders start positioning for any further near-term appreciating move. Nevertheless, the XAU/USD pair remains on track to register modest weekly gains and the supportive fundamental backdrop favors bullish traders. Daily Digest Market Movers: Gold price benefits from repositioning trades ahead of US NFP report US President Donald Trump and Chinese leader Xi Jinping agreed to further talks to settle trade disputes. Moreover, Trump said that the call was focused almost entirely on…
Filed under: News - @ June 6, 2025 5:18 am