{"id":111582,"date":"2025-02-08T00:40:28","date_gmt":"2025-02-07T20:40:28","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=111582"},"modified":"2025-02-08T00:41:58","modified_gmt":"2025-02-07T20:41:58","slug":"gold-glows-following-jobs-report-as-trade-tensions-flare","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/gold-glows-following-jobs-report-as-trade-tensions-flare\/02\/08\/market-updates\/","title":{"rendered":"Gold Glows Following Jobs Report as Trade Tensions Flare"},"content":{"rendered":"\n<p>Gold prices rose on Friday amidst escalating trade tensions between the US and China, along with a mixed US employment report. The XAU\/USD pair is currently trading at $2,862, a 0.24% increase.<br><br>The prospect of new reciprocal tariffs announced by US officials boosted gold&#8217;s safe-haven appeal. Increased tensions could further drive investment towards the precious metal.<br><br>US employment data showed January&#8217;s Nonfarm Payrolls falling short of expectations, while the Unemployment Rate declined, indicating a still-resilient labor market. This may influence the Federal Reserve&#8217;s (Fed) policy decisions.<br>Gold prices initially surged to a high of $2,886 following the jobs report, but later retraced.<br>Reports indicate that the People\u2019s Bank of China (PBoC) has increased its gold reserves from 73.29 million ounces to 73.65 million ounces.<br><br>Fed officials have maintained a cautious stance. Minneapolis Fed President Kashkari anticipates a \u201cmodestly lower\u201d policy rate. Chicago Fed President Goolsbee acknowledged the strong jobs data and expects lower rates, but at a slower pace. Fed Governor Adriana Kugler noted that inflation \u201chas gone sideways\u201d and supports maintaining the current policy rate.<br><br><strong>Market Movers:<br><\/strong><br>The US Dollar Index (DXY) rose 0.32% to 108.04. The US 10-year Treasury bond yield increased five basis points to 4.487%. US real yields, which typically move inversely to gold prices, rose three basis points to 2.062%. January&#8217;s Nonfarm Payrolls were 143K, below the expected 170K, and the Unemployment Rate fell to 4% from 4.1%. Money market fed funds rate futures suggest 39 basis points of easing by the Federal Reserve in 2025.<br><br><strong>Technical Outlook:<br><\/strong><br>Gold prices are trending upwards but have yet to break through the $2,900 resistance level. The Relative Strength Index (RSI) is currently in overbought territory, and price action suggests potential exhaustion. A drop below $2,800 could lead to further support levels at $2,750 and $2,730. Conversely, a move above $2,900 may target resistance at $2,950 and thereafter $3,000.<br><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices rose on Friday amidst escalating trade tensions between the US and China, along with a mixed US employment report. The XAU\/USD pair is currently trading at $2,862, a 0.24% increase.The prospect of new reciprocal tariffs announced by US officials boosted gold&#8217;s safe-haven appeal. Increased tensions could further drive investment towards the precious metal.US &hellip;<\/p>\n","protected":false},"author":13,"featured_media":103762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[],"class_list":["post-111582","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/111582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=111582"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/111582\/revisions"}],"predecessor-version":[{"id":111587,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/111582\/revisions\/111587"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/103762"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=111582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=111582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=111582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}