Gold prices rose 0.69% to $2,687 on Friday, marking a fourth consecutive day of gains despite robust U.S. Nonfarm Payrolls data showing the addition of 256,000 jobs. Initially, the report pushed gold lower as it tempered expectations for Federal Reserve rate cuts, highlighting a resilient labor market and halted disinflation. However, gold rebounded as investors reassessed the data alongside Fed officials’ cautious stance on inflation.
The U.S. Dollar surged to multi-month highs before stabilizing, while Treasury yields also rose, with the 10-year note yield reaching 4.767%. Chicago Fed President Austan Goolsbee noted the job market remains stable, suggesting rate cuts could proceed if inflation remains contained.
Attention now shifts to upcoming U.S. inflation and retail sales data, which could influence Fed policy and gold’s trajectory. Technically, gold’s uptrend persists, with traders targeting the $2,700 mark. Breaking above this level could lead to further gains, with resistance at $2,726 and an all-time high at $2,790. Conversely, a drop below $2,650 could test support at $2,645, $2,632, and eventually $2,600.
https://www.fxstreet.com/news/gold-price-rallies-despite-strong-us-nfp-report-202501101944
