The post XAU/USD loses momentum to near $2,650 on renewed US Dollar demand appeared on BitcoinEthereumNews.com.

Gold price attracts some sellers to $2,650 in Monday’s early Asian session.  US Nonfarm Payrolls rose by 254,000 in September vs. 159,000 prior, as expected.  Rising Middle East geopolitical tensions could boost the safe-haven flows, benefiting the Gold.  Gold price (XAU/USD) trades in negative territory for the fourth consecutive day near $2,650 on Monday during the early Asian session. The further upside in the US Dollar (USD) after the upbeat US Nonfarm Payrolls (NFP) on Friday exerts some selling pressure on the yellow metal.  The NFP in the United States climbed by 254,000 in September, according to the Bureau of Labor Statistics on Friday. The figure topped was above August’s revised 159,000 and above the market consensus of 140,000. The Unemployment Rate ticks lower to  4.1% in September, down from 2.4% in August. These encouraging US reports dampen the hopes that the US Federal Reserve (Fed) will cut the deeper interest rate, which lifts the Greenback and weighs on the USD-denominated Gold price.  Chicago Federal Reserve Bank President Austan Goolsbee said on Friday that he thinks the recent employment data was “superb” and noted that additional reports like this would increase his confidence that the US economy has reached full employment with low inflation.  On the other hand, the escalating geopolitical tensions in the Middle East might boost the price of gold, a traditional safe-haven asset. Israel struck Hezbollah targets in Lebanon and the Gaza Strip on Sunday ahead of the one-year anniversary of the October 7 attacks that launched the conflict. Israel’s defense minister proclaimed all possibilities for reprisal against Iran. Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely…

---

Filed under: News - @ October 7, 2024 12:41 am