Gold price remain stable around $2,640 as traders await the US Nonfarm Payrolls (NFP) report. This critical data could influence Federal Reserve rate decisions. Subdued bond yields, geopolitical tensions, and trade uncertainties continue to support gold’s safe-haven appeal.

Gold Price Holds Steady Near $2,640 Before US Jobs Data

Gold prices are stable around $2,640 as traders await the US Nonfarm Payrolls (NFP) report. This report is important because it provides clues about the US economy and the Federal Reserve’s next steps. Lower US Treasury bond yields and a weak US Dollar are helping to keep gold’s value steady.

Why Gold Prices Are Steady

Several factors are supporting gold prices:

1. Global Risks: Tensions like the Ukraine conflict and concerns over global trade policies make gold an attractive safe-haven asset.
2. Fed Rate Expectations: Many traders expect the Federal Reserve to cut interest rates in December. Lower rates often weaken the US Dollar, making gold more appealing.
3. Weak Dollar: A weaker US Dollar increases gold’s value for buyers using other currencies.

.

Focus on US Jobs Report

The NFP report is a key event for traders. It shows the health of the US job market, which affects the Federal Reserve’s decisions. A strong report could make rate cuts less likely, potentially hurting gold prices. On the other hand, a weak report might increase chances of a rate cut, boosting gold.

Technical Analysis: Gold’s Next Moves

From a technical view, gold prices face resistance near $2,649 and $2,655. If they move above these levels, prices could climb to $2,700.

However, if prices fall, strong support is near $2,614 and $2,600. A break below $2,583 could lead to a larger drop, possibly toward $2,500.

For the latest updates, visit our Daily Gold Signal. You can also explore Daily Gold Updates for in-depth analysis.