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Gold trades below $4,200 ahead of US NFP data
Gold is holding a sideways range as traders look for US Nonfarm Payrolls of 90K jobs in September, down from 162K in August.
Gold extended a sideways move on Friday, staying below the $4,200 level as traders headed into the European session and awaited US employment data, FXStreet reported.
The focus is the US Nonfarm Payrolls release, expected to show the economy added 90K jobs in September, compared with 162K the prior month, with the unemployment rate seen at 4.1%.
FXStreet also noted that wage inflation, measured by Average Hourly Earnings, could shape expectations for the Federal Reserve's future policy path, while recent remarks from FOMC members pointed to no urgent need for an immediate rate hike after September’s expected quarter-point increase.
Separately, the Institute for Supply Management said US manufacturing activity expanded for a ninth straight month in September, with raw material prices rising for a 24th consecutive month, adding more context for the growth backdrop traders are monitoring.
Latest closeGold $4,189.00 ▲0.2%