XAU/USD holds below a two-week high after US payrolls beat forecasts but wage growth misses estimates, while Middle East risks persist.
Gold prices remained firm around $4,726 on Friday, lacking clear direction as traders parsed mixed US employment data and ongoing geopolitical risks. The metal traded below Thursday’s two-week peak of $4,764, supported by a softer USD and easing oil prices but capped by renewed Middle East tensions.
US Nonfarm Payrolls rose by 115K in April, exceeding expectations of 62K but slowing from March’s revised 185K gain. The unemployment rate held at 4.3%, while average hourly earnings grew 0.2% MoM, missing forecasts. Annual wage growth accelerated to 3.6%, below the 3.8% estimate.
Despite reports of fresh clashes near the Strait of Hormuz, gold’s weekly advance remained intact amid cautious optimism over a potential US-Iran deal. President Trump downplayed the escalation, calling a ceasefire effective while issuing new warnings to Tehran.