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Will US jobs report drag gold below $1900?

Gold was unable to hang on to its gains following the Fed’s downshift on its rate hikes, as the US dollar rebounded on Thursday.

The precious metal is set to end a 6-week winning streak, even as it clears some froth by pulling away from “overbought” terrain once more.

Will US jobs report drag gold below $1900?

Gold traders now stand poised to react to today’s US nonfarm payrolls report.

Should the jobs market in the world’s largest economy continue defying the Fed’s intended “demand destruction” by further stoking inflationary pressures, that may prompt spot gold to briefly revisit the psychologically-important $1900 mark.

If today’s NFP report shows that US hiring momentum is clearly waning, that should prompt bullion bulls to pare yesterday’s declines in gold prices.

Over the near-term, if market participants continue ploughing back into risk assets on the notion that global recession fears are overdone, that may erode bullion’s role as a safe haven asset and further pare some of gold’s surge that began in November.



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