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Gold slips as traders wait for US nonfarm payrolls cues

Gold’s move came as traders looked ahead to US Nonfarm Payrolls expected at 90K jobs in September, with unemployment seen steady at 4.1%.

Reported · Written up by our desk · Major Pairs

Gold (XAU/USD) saw sellers in the Asian session on Friday, but weakness remained limited as traders held off on fresh directional bets ahead of the upcoming US Nonfarm Payrolls release, according to FXStreet.

FXStreet said the market expects the US economy to have added 90K jobs in September, down from 162K the prior month, while the unemployment rate is seen unchanged at 4.1%.

The outlet added that investors will also focus on wage inflation via the Average Hourly Earnings report for further cues on the Federal Reserve’s policy path, which in turn can affect the US Dollar.

FXStreet noted that recent comments from several FOMC members suggested there may be no urgent need for an immediate rate hike after the widely expected quarter-point increase at the September meeting, alongside an ISM report showing US manufacturing activity expanding for a ninth straight month in September.

Latest closeGold $4,189.00 ▲0.2%

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