XAU/USD climbs 3.8% to $4,232, its highest since June 18, as the dollar slides and Treasury yields stall ahead of U.S. jobs data.
Gold prices surged 3.8% to $4,232, reaching their highest level in nearly seven weeks, as the U.S. dollar weakened and Treasury yields failed to gain momentum. The rally follows optimism over potential progress in Iran-U.S. negotiations, adding to bullish sentiment ahead of key U.S. nonfarm payrolls data.
The XAU/USD pair rebounded from daily lows, extending gains after a period of consolidation. Earlier this week, gold traded below $4,100 but recovered sharply amid broader market shifts, including a softer dollar and subdued bond yields.
Market focus now turns to Friday’s nonfarm payrolls report, which could influence Federal Reserve policy expectations and further drive demand for safe-haven assets like gold.