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Gold tumbled from record peaks, eyes are on NFP figures

By Rana Gharib
05 Apr,2024
Gold tumbled from record peaks, eyes are on NFP figures

Gold slumped on Friday, sliding from recent peaks as eyes are on the job report, that will most probably impact the interest rate trajectory.

Spot gold dipped 0.6% to $2,277.10 per ounce after touching a record peak of $2,305.31 on Thursday, while gold futures slipped 0.6% to $2,295.50 per ounce, post touching a record peak of $2,325.30 per ounce.

Following a robust rally through March and the first part of April, a crucial technical indicator for spot gold prices likewise indicated that purchasing momentum was flagging.

Gold still could take advantage of the soared safe haven demand, specifically with projections of escalated geopolitical tensions in the Middle East.

The robust greenback further added pressure on the yellow metal as the US dollar surged amid the hawkish stance from Fed officials.

The yellow metal had brushed off the dollar's recent surge and hawkish comments about U.S. interest rate hikes, benefiting from heightened demand for safe haven due to Middle East disruptions.

 

 

 

 

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