Gold Price Analysis: XAU/USD boosted as markets bet on inflation
Spot gold prices (XAU/USD) rallied on the first trading day of the second trading week of the month; having hit lows just to the south of the $1810 mark during the Asia Pacific session, gold prices saw a substantial pickup during the European session and into US hours, rallying to highs of just to the South of the $1840 mark. In recent trade, the precious metal has slipped back towards $1830, up just under 1.0% or around $17 on the day.
Gold Price Analysis: Buyers beware of stubborn USD bulls
As per the prior analysis, Gold Price Analysis: XAU/USD correction on the cards towards $1,830, the market has indeed moved into the prior support area. At the time of writing, gold is trading at $1,836.00 and up some 1.27% on the day, so far, with the US dollar on the back foot to start the week following last week's disappointment in the US Nonfarm Payrolls economic event.
January Nonfarm Payrolls rose a disappointing 49k and December’s Job Losses were revised to -227k (-140k). Precious metals prices are firmer as inflation expectations continue to underpin the market and weigh on the greenback.
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