FX.co ★ Gold Steady Ahead of US Jobs Data

Gold steadied at approximately $4,470 per ounce on Thursday, retaining the majority of its gains from the previous day as investors anticipated pivotal US employment data amid ongoing geopolitical tensions. Market participants are expecting a robust increase in December's nonfarm payrolls, with unemployment figures projected to remain unchanged. This forthcoming employment report could shape the outlook for monetary policy this year, as markets are currently factoring in two potential interest rate cuts. Meanwhile, gold is on track for a weekly increase of approximately 3%, bolstered by rising geopolitical tensions that have heightened demand for safe-haven assets. President Trump issued a warning regarding a robust response to any potential Iranian aggression against protestors, adding to international tension following recent U.S. actions in Venezuela and bold threats to assert control over Greenland through military means. Additionally, gold received a boost from ongoing purchases by central banks, with China marking its 14th consecutive month of gold acquisitions.