Institution: Nonfarm payrolls dampen rate cut expectations, gold prices come under pressure and fall back

According to Odaily, gold prices edged lower in early trading, with New York gold futures holding below the $5,100 mark. Stronger-than-expected US nonfarm payroll data and a declining unemployment rate have weakened market expectations for a near-term rate cut by the Federal Reserve. “Renewed focus on the latest economic data indicates that the market is gradually returning to normal after recent heightened volatility. Meanwhile, the upcoming Chinese Spring Festival holiday may further dampen risk appetite and liquidity,” said analysts from Saxo Bank. (Golden Ten Data)