Gold Momentum Modests Momentarily, Markets Await US NFP Figures

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Gold's support ended on Thursday as US Treasury yields recovered and the USD currency made minimal gains.


Market participants are now awaiting the release of the Non-Farm Payrolls (NFP) report which could trigger significant movements in financial markets.


At 10.50 am, gold prices were at $2,867.07, up 0.42% since it opened in early trading on Friday in the Asian session.


Without a clear impetus, the market mode opened in the negative as US equity indices turned lower even as gold failed to post several weekly gains amid escalating China-US trade war tensions.


In addition, the US Labor Department showed US employment data demanding the number of people taking unemployment benefits at the end of January.


However, gold failed to gain traction amid dovish comments by Chicago Fed President on support for rate cuts and uncertainty over Donald Trump's aggressive policies.

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