FX.co ★ Gold Rises Ahead of US Jobs Report

Gold prices rose to approximately $3,360 per ounce on Friday, recovering some of the losses experienced in the previous session. This movement was driven by weak U.S. economic data and the anticipation of a less aggressive stance from the Federal Reserve, enhancing gold’s attractiveness as a safe-haven asset ahead of the nonfarm payroll report. The number of initial jobless claims in late May reached its highest since early October 2024, exceeding predictions. Additionally, first-quarter productivity figures were revised downward, while the trade deficit narrowed as imports declined. Earlier in the week, the ADP report revealed May’s smallest job gain since March 2023, and the ISM Services PMI indicated the sector's first contraction in nearly a year. Optimism about easing trade tensions also influenced dynamics, following an agreement between U.S. President Donald Trump and Chinese President Xi Jinping to continue discussions, although no specific details emerged. Throughout the week, gold is on track to achieve an approximate 2% gain.