Gold price is gathering pace for a fresh run toward the $2,000 threshold early Friday, as the United States Dollar (USD) and US Treasury bond yields consolidate their weekly losses ahead of the all-important US Nonfarm Payrolls (NFP) data release.
Gold price treads water below $2,000, awaits US Nonfarm Payrolls for a fresh impetus. US Dollar stalls sell-off with US Treasury bond yields as risk tone turns cautious. Gold price is poised for a fresh advance amid a bullish daily technical setup.
Looking ahead, all eyes remain on the US labor market report, with the key focus on the headline NFP figure, which is foreseen at 180K in October, as against a 336K increase in September. Average Hourly Earnings are seen rising 4.0% in the reported period, compared with a 4.2% increase in September. A weak headline NFP print and soft wage inflation are likely to confirm market expectations that the Fed’s tightening cycle is likely over, triggering a fresh US Dollar selling wave.
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