Gold price (XAU/USD) struggles for direction as investors await the United States Nonfarm Payrolls (NFP) and ISM Services PMI data for October.
Gold price trades sideways as the focus shifts to key US labor market data. Job growth is expected to have slowed in October due to the United Auto Workers strike. An upbeat US labor market report would likely increase concerns over inflation pressures. The downside for Gold price remains cushioned due to persisting geopolitical tensions in the Middle East and expectations that the Federal Reserve will keep interest rates elevated for a significantly longer period.
67% but remain on the backfoot on expectations that the Fed has concluded its rate-tightening campaign. As per the CME Fedwatch tool, more than 80% of traders bet that monetary policy will remain unaltered for the rest of the year. Meanwhile, deepening Middle East tensions keep the appeal for Gold upbeat. The Israeli army has surrounded Gaza and is prepared for the ground assault.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold eyes more gains on steady Fed policy, Middle East tensionsGold price (XAU/USD) holds onto recovery prompted by a steady interest rate decision from the Federal Reserve (Fed).
Read more »
Gold Price Forecast: XAU/USD remains confined around $1,985, focus on the US NFPGold price (XAU/USD) consolidates around $1,985 during the early Sian session on Friday.
Read more »
Gold Price Forecast: XAU/USD could recapture $2,000 on weak US NFP dataGold 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.
Read more »
How not to talk with your children about the Middle East crisis: A mother’s confessionTypically, after a terror attack or a natural disaster we see 'how to talk to your kids' articles. It's different for me this time after the October 7 Hamas attacks.
Read more »
Oil prices edge higher Middle East conflict stokes supply concernsOil prices edge higher Middle East conflict stokes supply concerns
Read more »
Navy's Increasing Focus on Middle East Is Opportunity for ChinaThe U.S. Navy's increasing focus on the Middle East, amid the intensifying battle between Israel and Hamas, is opening up opportunities for China to step in and fill the void elsewhere.
Read more »