Spot Gold price (XAU/USD) heads into the weekly close posting solid gains and changing hands at around $2,360 a troy ounce.
Central banks maintained doors open for rate cuts, refrain from clarifying dates. Tepid United States employment-related figures put pressure on the US Dollar. XAU/USD turned bullish and may challenge its record high at $2,431.40. Spot Gold price heads into the weekly close posting solid gains and changing hands at around $2,360 a troy ounce. XAU/USD struggled for direction, spending most of the week hovering between $2,300 and $2,330.
In the absence of more relevant data, investors found clues in signs of a loosening labor market, as seasonally adjusted Initial Jobless Claims jumped to 231K in the week ending May 3, the highest reading since November 2023. Market players started piling up bets on Fed rate cuts and dropped the Greenback. Despite the upbeat mood, the safe-haven metal found its way up. Changing the focus to inflation In the upcoming days, the focus will be on US inflation.
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