XAU/USD rises to $4,732-$4,733 as easing Fed rate hike bets and USD weakness support prices ahead of key US employment figures.
Gold (XAU/USD) climbed to the $4,732-$4,733 range in Asian trading, recovering from a prior pullback near a two-week high. The move follows a retreat in the US Dollar (USD) as investors dial back expectations for aggressive Federal Reserve tightening amid easing inflation concerns linked to lower crude oil prices.
The precious metal found support as geopolitical tensions in the Strait of Hormuz failed to sustain USD strength. Reports of a potential US-Iran peace deal and assurances from US officials that a ceasefire remains intact weighed on the greenback, reinforcing gold’s appeal as a safe-haven asset.
Market focus now shifts to today’s US nonfarm payrolls (NFP) report, which could influence Fed policy bets and USD direction. Gold’s upside remains capped ahead of the data, with traders awaiting fresh catalysts.