XAU/USD trades near $4,460 as investors await May Nonfarm Payrolls, with geopolitical risks offsetting USD weakness.
Gold (XAU/USD) remains subdued, trading just above $4,460 after failing to sustain gains past $4,500. Weakness persists despite a softer US Dollar, as geopolitical tensions in the Middle East dampen risk appetite. Israel and Hezbollah clashes continue, delaying ceasefire prospects.
Markets shift focus to May’s US Nonfarm Payrolls report, with expectations of 85K jobs added following April’s 115K gain. A strong print could reinforce Fed rate hike bets, supporting the USD. Technical indicators show fading bullish momentum, with support at $4,430 under threat.
Precious metals face pressure as traders balance labor market data against ongoing geopolitical risks, with no immediate catalyst for a breakout.