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Gold shakes as concerns over interest rate trajectory spikes ahead of nonfarm payroll figures

By Rana Gharib
03 May,2024
Gold shakes as concerns over interest rate trajectory spikes ahead of nonfarm payroll figures

Gold traded in a tight range on Friday as the less appetite on yellow metal lingered ahead the release of non-farm payroll figures while projections of extended period of peaked interest rate drove gold to be poised for weekly dips.

The yellow metal witnessed a trough from record peaks during the earlier couple of weeks, as demand on safe haven plunged and intensified pressure from interest rate is on sight.

Spot gold muted at $2,302.72 per ounce, while gold futures advanced by $2,311.45 per ounce.

Gold saw some respite as the greenback slumped at night time trade. However, this only contributed to cap the latest drop in the yellow metal.

Spot prices dipped by 1% during this week, marking the second consecutive week of dips. Drops in bullion was weighed by projections of stretched period of peaked interest rate. 

Eyes are on nonfarm payrolls figures scheduled to release on Friday, projected to further impact the interest rate trajectory. Any stubborn hints of robust in the labor market will drive Fed to maintain rate hiked for longer.
 

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