Spot gold prices rebounded after softer U.S. labor data reduced Treasury yields and dollar strength, easing pressure on the metal.
Spot gold climbed back above $4,100 per ounce Friday, reversing a slide toward $4,000 earlier in the week. The rebound followed weaker-than-expected U.S. jobs data, including a 57,000 nonfarm payrolls print Thursday, which pressured the dollar and Treasury yields.
Markets had priced in a more hawkish Federal Reserve stance, with futures reflecting growing bets on a potential rate hike. However, the softer labor data shifted sentiment, providing relief to gold bulls after recent selling pressure.
Prices targeted a weekly close near $4,200, marking the first positive shift in gold’s near-term outlook in weeks. Traders will watch Wednesday’s June FOMC minutes for further clues on the Fed’s policy path.