Gold prices steady before nonfarm payrolls, weekly losses on tap
Investing.com-- Gold prices steadied on Friday as traders hunkered down before key nonfarm payrolls data, with the yellow metal headed for a weekly loss as risk appetite improved in the wake of dovish signals from the Federal Reserve., this was largely offset by traders dumping the yellow metal in favor of more risk-driven assets, particularly stocks and currencies.
But traders were now pricing in a lower risk premium for gold, amid easing concerns that the conflict will spill over into the broader Middle East region. International attempts to broker a ceasefire furthered this notion.expiring in December were flat at $1,993.70 an ounce by 00:49 ET . Both instruments were down about 1% this week.and offered middling signals on its plans for more rate hikes.
While analysts expect Friday’s data to show a sharp drop in payrolls, the reading has beaten expectations for six of the nine months so far in 2023, reflecting a robust U.S. labor market.
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