"Gold traded near record levels on Friday, as investors remained cautious ahead of the US non-farm payrolls report. The metal remains supported by expectations of monetary easing and continued safe-haven demand amid global uncertainty. Recent US data have reinforced dovish expectations. The ADP employment report showed weaker private payrolls, fuelling concerns about the job market. Traders now see a near-certainty of a 25-basis-point rate cut at the Fed's September meeting and are betting on up to three cuts this year."
"Geopolitical tensions continued to underpin safe-haven flows. Russia rejected Western security guarantees for Ukraine, while in the Middle East, Israel continued strikes on Gaza. On the demand side, central bank purchases remain a key driver. Investors could monitor the release of the non-farm payrolls, which could strongly affect sentiment and monetary policy expectations. Any strong surprises could fuel volatility in gold prices."
Gold traded near record levels as investors remained cautious ahead of the US non-farm payrolls release. The metal is supported by expectations of monetary easing and persistent safe-haven demand amid global uncertainty. Recent US data, including a weak ADP employment report, reinforced dovish rate-cut expectations and increased odds of a 25-basis-point Fed cut in September and up to three cuts this year. Geopolitical tensions, including Russia's rejection of Western security guarantees for Ukraine and continued Israeli strikes on Gaza, underpinned safe-haven flows. Central bank purchases continued to provide demand. The non-farm payrolls release could trigger strong market volatility.
Read at London Business News | Londonlovesbusiness.com
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