Gold Edges Down as Dollar Strengthens — Markets Eye Jobs Report
Gold prices dipped modestly on Thursday as a strong U.S. dollar and investor caution ahead of crucial U.S. jobs data weighed on bullion. Traders are balancing macro signals with geopolitical tensions while positioning for upcoming employment numbers that could shape Federal Reserve policy.
🔹 Spot gold: down about 0.3% to ~$4,440.67 per ounce, retreating from a recent one-week high.
🔹 U.S. gold futures (Feb): also slipped ~0.3%.
🔹 Stronger dollar: Dollar strength is making gold pricier for holders of other currencies, limiting bullish momentum.
🔹 Investor focus: Markets are awaiting Friday’s U.S. non-farm payrolls (jobs) report for clues on future Fed rate decisions.
🔹 Geopolitical backdrop: Heightened tensions, including U.S. involvement in Venezuela, provide some safe-haven support but aren’t enough to offset dollar pressure.
Price Levels to Watch:
📍 Support: ~$4,400/oz
📍 Resistance: ~$4,480–$4,500/oz
Gold is trading cautiously — short-term profit-taking and dollar strength are pulling prices back from recent highs, while incoming U.S. jobs data could be a catalyst for the next major move.
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