Gold Price Forecast: XAUUSD to come under further downside pressure on robust US jobs data – Commerzbank

Gold has climbed back above $1,850. Today will see participants on focusing on the publication of the ADP’s employment figures and initial jobless claims in the US. Robust figures could drag the yellow metal down again, economists at Commerzbank report.

Gold price up despite headwind

“The price increased despite the US dollar appreciating noticeably and bond yields rising further. The upswing is all the more remarkable given that the gold ETFs tracked by Bloomberg also registered outflows of 2.7 tons yesterday.”

“The US labour market is very tight, serving as a key argument for Fed rate hikes. Robust data today could push rate hike expectations further up and put pressure on the gold price again.”