Traders await April US employment figures and Iran deal developments, capping gold price movements below $4,700.
Gold (XAU/USD) trades near $4,685 in early Asian trading, as investors hold positions before key US economic data. The April jobs report, due later Friday, is expected to show a 62,000 increase in nonfarm payrolls, with unemployment steady at 4.3%. The data could influence Federal Reserve interest rate decisions, impacting the USD and gold prices.
Market sentiment is also shaped by geopolitical developments, including a potential US-Iran peace deal. Optimism over the proposal has pressured oil prices and eased inflation concerns, though Iran’s response remains uncertain. Gold remains sensitive to both labor market trends and geopolitical risks as a safe-haven asset.