The post Gold price drops as traders await Nonfarm Payrolls appeared on BitcoinEthereumNews.com.

Gold drops amid rising US Treasury yields and a stronger US Dollar. US equity downturn and job market worries heighten market jitters ahead of Nonfarm Payrolls. Fed’s Goolsbee suggests cautious monetary policy, impacting gold amidst global trade tensions. Gold price advance stalled on Thursday as United States (US) Treasury bond yields recovered, and the Greenback holds minimal gains. Traders seem to be booking profits ahead of the release of the latest US Nonfarm Payrolls report, which could spark volatility in the financial markets. XAU/USD traded at $2,852, down 0.38%. With no clear catalyst, the market mood shifted negatively as US equity indices turned lower. Despite this, the non-yielding metal continued to trim some of its weekly gains amid increased tensions due to the trade war between China and the US. In addition, US jobs data showed that the number of people applying for unemployment benefits rose in the week ending February 1, revealed the US Department of Labor. A Bloomberg report said the report was mainly ignored due to distortions spurred by wildfires in Los Angeles and worse weather conditions in other parts of the US. Bullion failed to gain traction amid dovish comments by Chicago Fed President Austan Goolsbee. He said the Fed is in good shape for eventual cuts, though he added that uncertainty around Washington policies warrants a “slower approach.” Daily digest market movers: Gold price weighed by US yields recovery The US Dollar Index (DXY), which tracks the buck’s performance versus a basket of six currencies, holds minimal gains of 0.06% and is at 107.68. The US 10-year Treasury bond yield climbs one and a half basis points, up at 4.44%. US real yields, which correlate inversely to Bullion prices, climb one and a half basis points from 2.01% to 2.0026%, a tailwind for XAU/USD. For…

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Filed under: News - @ February 6, 2025 11:22 pm