Gold steady ahead of US NFP report
Gold prices held steady on Friday as investors digested US President Donald Trump’s new tariff rates.
In the latest twist to the tariff saga, Trump signed an executive order reimposing reciprocal tariffs of 10% to 41% on dozens of countries.
Considering how these come into effect from August 7th, it could mean fresh volatility for gold prices next week.
In the near term, the precious metal may be influenced by the incoming US jobs report this afternoon. Markets are expecting the US economy to have created 104k jobs, a noticeable decline from the 147k witnessed in the previous month.
- A stronger-than-expected figure may further shave back Fed cut bets, dragging gold prices lower.
- A disappointing print may fuel concerns over the US economy, offering a platform for gold prices to rebound.
Looking at the charts, bears remain in control below the $3300 resistance with key levels of interest at $3315 and $3265.
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