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Gold gains on risk aversion and US jobs outlook
The approximately 2% increase in the gold price reflects a risk-averse mood and market movements amid mixed U.S. economic data, along with the Federal Reserve Chair's reaffirmation of commitment to a tightening policy to combat inflation. The spot price of gold reached $4,083 per ounce, with the dollar index experiencing a slight decline and U.S. 10-year Treasury yields rising to 4.465%. Markets are awaiting the release of the U.S. non-farm payrolls report tomorrow, as some economic indicators remain stable. Trading remains under technical pressure, and a close above the $4,100 level is needed to establish an upward trend.
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