Gold is weighed down by fresh signs of U.S. labor market strength that boosted the dollar and Treasury yields. On Friday, spot gold slipped to approximately $3,350 per ounce, marking a third consecutive daily decline. The drop came as U.S. jobless claims fell for a sixth straight week, signaling continued resilience in hiring. That data tempered hopes for an imminent Federal Reserve rate cut, pressuring non-yielding assets like gold.
While bullion bulls were discouraged by the labor market’s durability, attention now turns to next week’s pivotal events: the FOMC meeting and the latest Non-Farm Payrolls (NFP) report. Traders are poised to react to any dovish shift in Fed Chair Jerome Powell’s tone.
Elsewhere, gold’s safe-haven appeal dimmed further as global trade tensions showed signs of cooling. Reports indicate the U.S. and EU are nearing a trade pact, following a separate agreement with Japan. Meanwhile, political friction between President Trump and Powell resurfaced, though Trump clarified his rate-cut calls weren’t tied to Fed renovation disputes.
Despite headwinds, spot gold is finding technical support around its 50-day moving average, holding ground ahead of a high-stakes week.
