Gold Trading Cautiously Above $1,500 in Anticipation of US NFP Report
Gold prices are trading cautious ahead of the release of the US NFP report on Friday but are all set to post a slight gain for this week. At the time of writing, GOLD is trading at a little above $1,510.
Gold is trading back above the $1,500 level after the Fed cut interest rates by 25bp and signaled that it would consider taking further action depending on changes in economic conditions. The precious metal was also back in demand over rising uncertainty of the timeline of the US-China “Phase 1” trade deal after Chile cancelled the upcoming APEC summit due to take place in mid-November.
According to a report on Bloomberg, China has become apprehensive about a long term trade deal with the US on account of Trump’s unpredictable nature. China is insisting on complete removal of recent tariff hikes as a prerequisite to proceed towards negotiations for Phase 2 of the trade deal.
Gold is also expected to make big moves following the release of the US NFP reports. Expectations are high that the report will reveal higher figures for unemployment and job cuts, which could drive up the safe haven appeal in markets.
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