Gold prices poised for second weekly decline
Gold prices are on track for a second straight weekly decline, with bullion holding steady on Friday as investors await the release of U.S. non-farm payrolls data. The data could provide insight into the Federal Reserve’s policy stance and potentially impact gold prices.
Spot gold is currently priced at $2,301.49 per ounce and has experienced a loss of over 1% this week. This decline comes after reaching a record high of $2,431.29 earlier in April, signaling a pullback in prices.
U.S. gold futures saw a slight increase of 0.1% to $2,311.20, indicating some stability in the market. Despite the recent decline in gold prices, renewed geopolitical tensions could provide some support for the precious metal.
Expected impact of U.S. NFP data
The U.S. non-farm payrolls data, scheduled for release at 1230 GMT, is eagerly anticipated by investors. A softer than expected print could potentially provide support for gold prices, while a stronger report may weigh on gold prices. Analysts are expecting a trading range of $2280-$2340 based on the outcome of the report.
Additional insight on silver, platinum, and palladium
On the other hand, spot silver has fallen by 0.2% to $26.65 and is down nearly 2% for the week. Market analysts suggest keeping an eye on the $25-$26 breakout area for a potential bullish reversal sign in silver, indicating a possible turnaround in prices.
Platinum, however, has gained 0.9% to $957.15 and is set for a weekly rise, showing resilience in the market. Palladium also firmed by 0.1% to $935.99, showcasing some stability among the precious metals.
Looking ahead, while gold prices may face some pressure due to interest rate concerns, geopolitical tensions and economic data releases could provide support or hinder the metal’s performance in the coming weeks. Investors will closely watch the U.S. non-farm payrolls data for further direction in the gold market.
