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Steady Ahead Of US Non-Farm Payrolls Data

GOLD

Gold is slightly higher in the Asia-Pac session, after closing 0.1% higher at $2028.47 on Thursday.

  • Bullion is on track for its first weekly loss in four after retreating from a record high on Monday on signs investors may have gotten ahead of themselves concerning the timing of US rate cuts.
  • Nonetheless, the US STIR market has 110bps of easing priced by November 2024, with a slightly more than 50:50 chance of the first rate cut by March.
  • Later today sees the release of US Non-Farm Payrolls data. This data may prove to be crucial in shaping bets for monetary policy.
  • According to MNI’s technicals team, resistance for the precious metal is seen at $2072.7 (50% retrace of Dec 4-5 down leg).
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