Gold prices (XAU/USD) recovered briefly to around 1,863 at the time of writing, USD as gloomy market sentiment fueled by escalating tensions between Israel and Hamas improved the asset's appeal Safely hidden. The yellow metal recovered with support from deepening geopolitical tensions, offsetting the impact of a surprisingly strong September Nonfarm Payrolls (NFP) report.
The precious metal finds buyers’ interest even as US job growth remained surprisingly robust in September. As per the US NFP report, US employers hired 336K new job-seekers in September, significantly higher than expectations of 170K and the former release of 227K. The Unemployment rate remained steady at 3.8%, while investors anticipated a decline to 3.7%.
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Gold price advances to over a one-week high during the Asian session on Tuesday
Military conflict between Israeli forces and the Palestinian Islamist group Hamas might continue to drive haven flows and hold back bears from placing aggressive bets around the XAU/USD.