Gold Prices Suffer from US NFP Boost

Gold prices plummeted 2.5% last Friday after US NFP data showed that US employment remained far more robust than expected in January.

Last week, the Fed raised interest rates as expected and signalled that it will keep doing so in the near term. This spurred increased bets that the central bank could pivot away from its hawkish stance by the year’s end. But these bets were swiftly reversed by Friday’s robust job data, which also fed into fears that US inflation could remain elevated for longer than expected.

Gold prices were muted on Monday after logging their worst week in seven months, with the focus now turning to a discussion with Federal Reserve Chair Jerome Powell after stronger-than-expected US employment data ramped up fears of more monetary tightening on Wednesday.

XAUUSD – Daily Chart

xauusd chart

The strong readings of US NFP data spurred fears that the Fed has enough economic headroom to keep raising interest rates and drove a recovery rally in the dollar and Treasury yields. As a result, the gold price is facing downward pressure and may hold $1,900 resistance before Fed Chair Powell speaks.

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