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Gold prices (XAU/USD) consolidated around the $1,985 level in early Friday trading. The softer
US Dollar (USD) and lower US Treasury yields provided positive support for the yellow metal. However, market participants may exercise caution ahead of the highly anticipated Non-Farm Payrolls (NFP) report from the US on Friday, which is expected to show an increase of 180,000 jobs in October.
Meanwhile, the US Dollar Index (DXY), which measures the value of the USD against a basket of global currencies, fluctuated around 106.17 after bouncing back from a weekly low of 105.81. US Treasury yields remained lower, with the 10-year bond yield at 0.663%, the lowest level since October 13th.
Market confidence is growing that the Federal Reserve (Fed) is nearing the end of its tightening cycle, as Fed Chair Jerome Powell emphasized the need for financial conditions to be tightened in order to avoid further interest rate hikes. This puts pressure on the Greenback and supports gold priced in USD.
Gold prices (XAU/USD) consolidated around the $1,985 level in early Friday trading. The softer
US Dollar (USD) and lower US Treasury yields provided positive support for the yellow metal. However, market participants may exercise caution ahead of the highly anticipated Non-Farm Payrolls (NFP) report from the US on Friday, which is expected to show an increase of 180,000 jobs in October.
Meanwhile, the US Dollar Index (DXY), which measures the value of the USD against a basket of global currencies, fluctuated around 106.17 after bouncing back from a weekly low of 105.81. US Treasury yields remained lower, with the 10-year bond yield at 0.663%, the lowest level since October 13th.
Market confidence is growing that the Federal Reserve (Fed) is nearing the end of its tightening cycle, as Fed Chair Jerome Powell emphasized the need for financial conditions to be tightened in order to avoid further interest rate hikes. This puts pressure on the Greenback and supports gold priced in USD.
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