Gold on Track for Best Weekly Performance Since January, with Non-Farm Payrolls as the Key Focus

Odaily News – Gold prices are poised to record their largest single-week gain since January this year. Weaker oil prices are providing support for gold, while investors are awaiting the U.S. non-farm payrolls data for clues on the outlook for U.S. interest rates. Matt Simpson, Senior Analyst at StoneX, stated that improved prospects for peace in the Middle East have lowered market inflation expectations, driving gold prices to extend gains from the consolidation range above the $4,000 mark seen over the past several weeks. The U.S. Department of Labor will release the non-farm payrolls report tonight.

Simpson added, "No matter what the non-farm payrolls data shows, $4,000 has proven to be a solid support level—I suspect bulls are waiting for a pullback to seize the opportunity to push gold back toward $4,600. The non-farm payrolls data may bring some short-term volatility, but price action has already signaled the direction, and gold appears to want to rally." (Jin Shi)