Gold price attracts fresh sellers following an Asian session uptick to the $1,944 region on Friday and hits a fresh daily low in the last hour, albeit
lacks follow-through. The XAU/USD currently trades just below the $1,940 level, nearly unchanged for the day, as traders keenly await the closely-watched monthly employment details from the United States before placing fresh directional bets. report is due for release later during the early North American session and will influence expectations about the Federal Reserve's next policy move.
It is worth recalling that the US macro data released earlier this week - the ADP report and the second estimate of the US Q2 GDP print - indicated the resilient US economy might be starting to lose steam. This, in turn, fueled speculations that the Fed might be forced to soften its hawkish stance sooner rather than later. That said, the US Personal Consumption Expenditures
on Thursday keeps the door open for one more 25 bps lift-off in 2023 and triggers an intraday USD short-covering move from the 200-day Simple Moving Average .higher for longer helps the US Treasury bond yields to stall the recent pullback from a multi-year peak. This, along with a generally positive tone around the US equity futures, further contributes to capping the upside for the non-yielding Gold price ahead of the key US data risk.
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