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Gold rebounds toward $4,200 as traders await US NFP data
Gold climbed back toward $4,200 as a firmer US dollar held back further upside ahead of the September Nonfarm Payrolls report.
Gold prices reversed a modest dip during the Asian session, moving back toward the $4,200 level, according to FXStreet.
The report said meaningful upside looks limited as investors brace for US Nonfarm Payrolls, which are expected to show the economy added 90K jobs in September, down from 162K the prior month.
FXStreet also noted the unemployment rate is expected to hold at 4.1%, while annual wage inflation measured by Average Hourly Earnings could influence Federal Reserve policy expectations.
The outlet added that recent signals from FOMC members suggested there is not an urgent need for an immediate rate hike after the September meeting, while ISM data showed US manufacturing activity expanded for a ninth straight month in September.
Latest closeGold $4,189.00 ▲0.2%