The post Gold (XAU/USD) recalibrates as markets eye Trump’s tax bill, US NFPs appeared on BitcoinEthereumNews.com.

Gold price stalls ahead of Thursday’s Nonfarm Payrolls (NFP) report for clues on the health of the US labour market. Fiscal concerns continue to rise as Trump’s tax bill moves to the next stage. If passed, the budget deficit is expected to rise, which could boost demand for Gold. XAU/USD lingers below $3,350 as momentum indicators remain steady above neutral territory. Gold (XAU/USD) price is trading in a tight range as traders digest Wednesday’s Automatic Data Processing (ADP) employment data and look ahead to Thursday’s Nonfarm Payroll (NFP) report. With XAU/USD hovering near $3,340 at the time of writing, US President Trump’s tax bill and interest rate expectations continue to drive demand for bullion. The ADP Employment Change report for June indicated that the private sector experienced a contraction in June. Analysts had expected the June report to show that 95,000 jobs were added to the US private sector in May. Instead, a negative reading of 33K reflects potential weakness in the US labour market. As a closely watched precursor to the Nonfarm Payrolls (NFP) report, the soft print has provided some support for Gold. Nonfarm Payrolls on Thursday are expected to decrease to 110,000 in June from 139,000 in May. The Unemployment Rate is expected to rise to 4.3% from 4.2%. Increases in unemployment may raise expectations of interest rate cuts, which are supportive of non-yielding assets, such as Gold. As the Fed remains committed to monitoring the incoming employment and inflation data before reducing interest rates, this job report may influence the potential trajectory for interest rates. On Tuesday, Fed Chair Jerome Powell stated at the European Central Bank (ECB) Forum on Central Banking in Sintra that “It’s going to depend on the data, and we are going meeting by meeting.” “I wouldn’t take any meeting off the table…

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Filed under: News - @ July 2, 2025 5:29 pm