Gold Awaiting Direction Before NFP

Gold paused its ascent after it pulled back from its key level of $2,300 per ounce, as market participants digested expectations regarding potential interest rate cuts from the Federal Reserve. The market is also awaiting further data from the Non-Farm Payroll (NFP) figures scheduled for release later today. If the NFP data for March falls below the market consensus of 200K jobs, down from February’s 275K, gold may experience increased volatility and find further upside support. Despite undergoing a technical correction from the pivotal $2,300 level, gold maintains its bullish trajectory amidst mounting geopolitical tensions. Geopolitical tensions in the Middle East and disruptions in global trade have heightened investor concerns, leading market participants to seek refuge in safe-haven assets, particularly gold. Moreover, the sustained interest from central banks around the world in purchasing gold underscores its enduring appeal.