Spot Gold hovered above a 2 1/2-week low of $3,201.95 on Friday, as investors braced for the US Non-Farm Payrolls report later in the day for more insight into macroeconomic conditions and the Fed’s future interest rate path.
Employers in all sectors of the US economy, excluding farming, probably added 130,000 job positions in April, according to market consensus, following a job growth of 228,000 in March.
Average hourly earnings growth probably accelerated to 3.9% YoY in April from 3.8% YoY in March.
The yellow metal was attempting a rebound after three straight trading days of losses – mostly due to a firmer US Dollar, after the US economy unexpectedly contracted during the first quarter of 2025, according to a flash estimate. The contraction was reported prior to the April 2nd imposition of blanket tariffs by the Trump administration on the majority of US trade partners.
The latest developments on the tariff front raised hopes of a de-escalation of tensions. China announced it was considering the possibility of beginning trade negotiations with the US.
And, US President Trump said trade deals could be struck with India, Japan and South Korea, while there was a “very good chance” of an agreement with China.
“There have been softening stance (on tariffs) and situation has improved a bit, but still there are a lot of uncertainties so gold will still be preferred by investors,” ANZ Commodity Strategist Soni Kumari was quoted as saying by Reuters.
Spot Gold was last up 0.35% on the day to trade at $3,249.63 per troy ounce.
The precious metal was set to register its worst weekly performance since late February, losing 2.12% so far this week.
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