Analyst: Market expectations for further Fed rate cuts rise ahead of non-farm payroll data release

According to Odaily, analyst Haresh Menghani stated that gold maintained a slight downward trend during the first half of the European session. However, ahead of the highly anticipated US non-farm payroll data release, investors chose to remain on the sidelines, and gold prices lacked strong bearish momentum. The key US employment data will provide clues for the Federal Reserve's rate cut path, which in turn will play a crucial role in influencing the short-term movement of the US dollar and bring new impetus to gold. Amid risk-averse sentiment before the release of this critical data, the US dollar has continued its two-week upward trend, reaching a one-month high, which has exerted some downward pressure on gold prices. Nevertheless, rising expectations for further rate cuts by the Federal Reserve, coupled with ongoing geopolitical uncertainties, continue to support gold as a safe-haven asset. This mixed fundamental backdrop has made traders reluctant to take new directional bets, resulting in a lackluster gold price performance and a range-bound trading pattern. (Golden Ten Data)