- Gold price holds positive ground near $2,025 amid lower US Treasury yields.
- The November ADP private payrolls climbed 103,000 vs. 106,000 prior, weaker than market expectations.
- A pessimistic China's economic prospects could weigh on commodity sentiment and gold price.
- Traders await the Chinese Trade Data, US weekly Jobless Claims, due later on Thursday.
Gold price (XAU/USD) manages to hold above the $2,000 psychological support level during the early Asian session on Thursday. The anticipation that the Federal Reserve (Fed) will cut the interest rate in March 2024 lends some support to the yellow metal. At press time, gold price is trading at $2,025, losing 0.03% on the day.
Meanwhile, the gauge of the value of the USD against a weighted basket of currencies used by US trade partners, trades in positive territory for the third consecutive day, climbing above 104.15. However, the US Treasury yields edge lower, with the 10-year yield dropping from 4.20% to 4.11%.
Data released on Wednesday revealed that the November ADP private payrolls climbed 103,000 from the previous reading of 106,000, weaker than the market expectation of 130,000. The ADP report follows Tuesday’s release of the JOLTS job openings number for October from the Labor Department which showed the figure at its lowest level since March 2021, dropping to 8.73 million from a downwardly revised 9.35 million in September.
Furthermore, Moody’s downgraded its outlook on China’s government credit ratings to negative from stable on Tuesday. That being said, a pessimistic China's economic prospects weigh on the commodity sentiment and create headwinds for the gold price as China is the world’s major gold consumer.
Gold traders will keep an eye on the Chinese Trade Data and the US weekly Jobless Claims data, which is expected to gain 222,000. On Friday, the attention will shift to the US employment data, including the Nonfarm Payroll (NFP), Unemployment Rate, and Average Hourly Earnings. Traders will take cues from these figures and find the trading opportunity around the gold price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD consolidates near 1.1350 amid a quiet start to a Big week
EUR/USD keeps its range play intact near 1.1350 in Monday’s European session. The upbeat market mood and easing US Dollar demand fail to provide lift to the main currency pair amid a quiet start to a critical week ahead.
GBP/USD recaptures 1.3300 as US Dollar buying stalls
GBP/USD has picked up fresh bids and regained the 1.3300 mark in the European trading hours on Monday. A pause in the US Dollar advance and a mildly positive risk sentment help the pair recover ground. However, the technical outlook on the daily time frame suggests a weakening bullish trend.
Gold price hangs above $3,265-3,260 support amid receding safe-haven demand and mildly positive USD
Gold price sticks to its bearish bias for the second successive day on Monday and trades just above the $3,265-3,260 pivotal support during the first half of the European session. Despite of mixed signals from the US and China, the optimism over the potential de-escalation of trade tensions between the world's two largest economies turns out to be a key negative factor.
Monero Price Forecast: XMR soars over 50% amid rising demand for privacy coins
Monero (XMR) price is extending its gains by 50% at the time of writing on Monday, following a 9.33% rally the previous week. The main reason for XMR’s rally is speculation that the token, which is widely known for its status as a privacy coin, was used to launder a suspected theft involving 3,520 BTC worth $330.7 million.
Week ahead: US GDP, inflation and jobs in focus amid tariff mess – BoJ meets
Barrage of US data to shed light on US economy as tariff war heats up. GDP, PCE inflation and nonfarm payrolls reports to headline the week. Bank of Japan to hold rates but may downgrade growth outlook. Eurozone and Australian CPI also on the agenda, Canadians go to the polls.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.