Gold Price Forecast: XAU/USD bears are pushing back ahead of Nonfarm Payrolls Gold Commodities Fed DollarIndex SEO
ow of $2010.09 and $2032.11 so far on the day. The US Dollar initially fell to mark a fresh bear cycle low on Wednesday but has since recovered the best part of the losses made on Tuesday´s sell-off and is now reaching back towards 102.00 DXY, making the Gold price a touch less affordable for international buyers.
Nevertheless, the Gold price rose to a fresh 13-month high early on Wednesday as investors move to safe havens after a second-straight report showed slowing employment growth for theas interest rates rise. A combination of this week´s data and a report today that showed US private sector employers added 145,000 jobs in March, well under expectations for a rise of 210,000, sent the greenback to a low of 101.415 DXY. The data came in well below the 242,000 positions gained in February.
Reuters reported that ´´futures priced in a 39.1% likelihood that the Fed raises its target rate by 25 basis points on May 3 when policymakers conclude a two-day meeting, down from 59.7% on Monday, CME's FedWatch Tool showed. Chances the cuts rates by year's end also rose, with the outlook for the US central bank's target rate falling below 4.0% in December.´´Looking ahead, the market now is waiting for the US Nonfarm Payrolls report on Friday and Gold price bulls will be keen to see if there will be any confirmation that the labor market is cooling, a major requisite in the Federal Reserve's fight to curb inflation. Particular attention will be paid to the Unemployment Rate in this regard.
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