Gold Price || Attracts Some Buyers Ahead of US NFP Data
Gold Price || Attracts Some Buyers Ahead of US NFP Data
The Gold price (XAU/USD) recovers some lost ground on Friday. The uncertainties surrounding the US presidential election and the ongoing geopolitical tensions in the Middle East provide some support to the precious metal, a traditional safe-haven asset.
Nonetheless, the rising US treasury bond yields and a stronger US Dollar (USD) might weigh on the yellow metal. Traders will closely watch the US October employment report on Friday for fresh impetus, including the Nonfarm Payrolls (NFP), Unemployment Rate, and Average Hourly Earnings. The stronger outcome could prompt bets for less aggressive policy easing by the Federal Reserve (Fed), exerting some selling pressure on the non-yielding yellow metal.
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