Gold recorded gains during the close of Asian trading on Thursday after strong economic data from the United States (US) also supported the position of the USD currency.
At 9.50am, the price of gold was at $2,425.20 which is a slight decrease of 0.6% since it opened earlier on Friday.
The US Bureau of Labor Statistics (BLS) reported strong employment data as the number of Americans filing for unemployment benefits fell below estimates compared to last week and weighed on USD movements.
In addition, further data showed the Continuing Claims figure rose to the highest level since November 2021.
The US Dollar Index (DXY) which moved positively against six major currencies rose by 0.10% to 103.28 and the 10-year Treasury note yield broke through 4.0%.
The traditional yellow metal is now beginning to show investor buying appeal amid increased geopolitical risk following the development of the war in the Middle East.
However, sentiment remains positive amid concerns that Iranian and Lebanese counter-attacks against Israel may occur in the near future.
