Gold Price Forecast: XAU/USD to come under pressure as US NFP expected to be robust once again – Commerzbank

Gold price has defended most of the gains it accrued amid the market turmoil and is still trading at above $1,950. Market participants will presumably be focusing their attention on the US labour market next week, economists at Commerzbank report.

Market to correct its expectations of pronounced rate cuts later this year

“Gold market could see a more pronounced correction if the market saw itself forced by buoyant US labour market figures to scale back its expectations of rapid rate cuts before the year is out.”

“Since the beginning of March, the gold ETFs tracked by Bloomberg have registered inflows of 30 tons, meaning that they are likely to post monthly inflows again for the first time since April 2022.”