Gold is set for its best weekly gain since January, awaiting U.S. Nonfarm Payrolls

ME News reports that, as of August 7 (UTC+8), gold prices are poised to record their largest weekly gain since January this year. Weak oil prices have provided support for gold, while investors await the U.S. non-farm payroll data for clues on the outlook for U.S. interest rates. Matt Simpson, Senior Analyst at StoneX, noted that improved prospects for peace in the Middle East have lowered market inflation expectations, pushing gold prices higher from a multi-week consolidation range above $4,000. The U.S. Department of Labor will release the non-farm payroll report tonight. Simpson added: “Regardless of the non-farm payroll data, $4,000 has proven to be a solid support level—I suspect bulls are waiting for a pullback to seize the opportunity and push gold higher toward $4,600. The payroll data may cause some short-term volatility, but the price trend has already indicated the direction; gold appears intent on rising.” (Jin10) (Source: ODAILY)