Gold makes modest recovery at New York open following recent dip
Gold edges up to $2,031 after yesterday's fall, with eyes on Friday's job report for market direction cues.
Gold prices in Asia trade remained relatively calm overnight, taking a pause after its sharp decline from new all-time heights. However, at the New York open this afternoon, gold perked up as the ADP Non-Farm Employment Change figures fell below expectations. Currently, gold is trading at a revived $2,031, bouncing back from yesterday's low of $2,009.
Yesterday's release of a less-than-robust JOLTs job openings report for October sparked some optimism about a cooling job market. Nevertheless, the spotlight remains on the upcoming nonfarm payrolls report for November, set for release on Friday.
At the beginning of the week, gold reached new record highs, surpassing $2,135 per ounce. This surge was attributed to perceived less hawkish comments from Fed Chair Jerome Powell and a surge in demand for safe-haven assets amid heightened geopolitical tensions.
However, gold swiftly retraced from its record-setting spree as uncertainty surrounding the Federal Reserve allowed the US dollar to reclaim lost ground. Despite this retreat, gold prices remain standing firm above the $2,000 per ounce mark.
All eyes are now fixed on Friday's job report, expected to act as a compass guiding the short-term path of gold prices.
