Gold Price Forecast: XAU/USD consolidates above $1,900, awaits US Nonfarm Payrolls data – by hareshmenghani Gold Commodities Fed NFP SEO
nce April 2022. The XAU/USD, however, seems to struggle to gain any traction and oscillates in a range around the $1,915 area through the first half of the European session.The US Dollar manages to preserve the overnight recovery gains from a nine-month low, which, in turn, is seen as a key factor acting as a headwind for the US Dollar-denominated Gold price.
. The expectations were fueled by the upbeat Weekly Initial Jobless Claims released on Thursday, which pointed to the underlying strength in the labor market.The upbeat data, meanwhile, forces investors to scale back their bets for an imminent pause in the Federal Reserve’s rate hike cycle. This is seen as another factor lending support to the buck and capping the upside for the non-yielding Gold price.
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