Gold bulls are trying to push the prices toward $2,870, rebounding after yesterday’s moderate drop and potentially extending its winning streak to six consecutive weeks.
Gold continued to hit new highs throughout the week, fueled by increased central bank buying and growing safe-haven demand amid escalating global trade tensions and economic instability.Adding to the market turmoil, President Trump went ahead with his plan to impose a 10% tariff on all Chinese imports, prompting Beijing to retaliate with levies on US energy exports that will take effect next week.Geopolitical uncertainty also increased as Trump floated the idea of the US taking control of the Gaza Strip.Meanwhile, major central banks continued their monetary easing policies, providing additional support for gold prices.Financial markets are also pricing in two potential 25 basis point rate cuts by the Fed by the end of the year.
Investors are now focusing on the NFP report due later today for further clarity on the US labor market.
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