$XAU $PAXG Gold stayed volatile at elevated levels. Price dipped to around $4272, quickly rebounded to $4335, and closed near $4302, ending almost flat.
This move was driven by multiple factors. US job data showed stronger job growth in November, but unemployment unexpectedly rose to 4.6%, a four year high. This boosted expectations of further Fed rate cuts and pushed the dollar index to a two month low, increasing gold’s appeal for global buyers.
Geopolitical tension from the Russia Ukraine situation also added safe haven demand. Markets are now focused on upcoming CPI and PCE data along with Fed speeches, which will guide short term direction.
In early Asian trading today, gold is moving higher and trading around $4320.
XAUUSDT
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