Gold price (XAU/USD) has traded sideways since Tuesday as investors await the Nonfarm Payrolls (NFP) report, which will give a snapshot of the current
Gold price strives for a direction despite easing labor market conditions. The US economy could lose its resilience if the Nonfarm Payrolls report misses expectations. The latest US Services PMI Orders dropped significantly, portraying a deteriorating demand outlook. status of the United States labor market.
Meanwhile, investors await the NFP report for September, which will provide more clarity about labor market conditions. According to estimates, the US labor force is expected to have witnessed fresh additions of 170K employees – lower than the former release of 187K. The Unemployment Rate is seen declining to 3.7% vs. August’s reading of 3.8%. In addition to the jobs data, investors will watch out for the Average Hourly Earnings data.
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