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Rising Prices Amid Mixed US Jobs Data and Fed Rate Speculation

As of September 6, 2024, gold prices (XAU/USD) continue to rise, fueled by a combination of technical and fundamental factors. The metal has maintained a bullish posture, with prices hovering above the critical $2,500 level and aiming to test resistance near $2,532.

Gold prices have experienced steady upward momentum as investors await the highly anticipated U.S. Non-Farm Payrolls (NFP) report and the Federal Reserve’s next move on interest rates. The precious metal has been supported by mixed jobs data, which revealed weaker-than-expected job growth but steady unemployment figures. The combination of these factors is expected to shape both short-term and longer-term market dynamics for gold.


Key Market Insights:

  1. Gold Prices Surge Above $2,500: Gold (XAU/USD) prices have risen above $2,500, currently consolidating near $2,532​​.
  2. US Jobs Data Misses Expectations: August Non-Farm Payrolls increased by 142,000, lower than the expected 164,000​. This has added pressure on the Federal Reserve to implement rate cuts at their upcoming September meeting​​.
  3. Federal Reserve Rate Cuts Anticipated: Markets are now pricing in a 57% chance of a 25-basis-point cut by mid-September​. This could drive further gold price increases as lower interest rates typically boost demand for non-yielding assets like gold.
  4. Global Gold ETF Inflows Continue: August marked the fourth consecutive month of global gold ETF inflows, driven by safe-haven demand and bets on interest rate cuts​.


Short-Term Outlook:

  • Positive Momentum for Gold: With the mixed labor market data and heightened expectations of a Federal Reserve rate cut, gold is expected to maintain its upward trajectory in the near term, especially if upcoming economic data reinforces the need for more accommodative monetary policy​​.
  • Key Support Levels: In the short term, gold is likely to test the $2,532 resistance level, with the potential to reach higher if U.S. jobs data disappoints further or if the Fed adopts a dovish tone​.


By focusing on the potential Fed actions and mixed jobs data, this article highlights the ongoing factors driving gold prices upward. This should provide valuable insight to traders and investors monitoring gold’s performance.

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