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Risk markets regained all their early losses this week and continue to press higher. A benign FOMC and a weak US Jobs Report boosted markets going into the weekend.
The precious metal has lost around 5% of its value since last Friday as risk assets benefit from the current pause in the Israel-Iran conflict
Gold is likely to struggle to push higher over the coming week after the latest US Jobs Report smashed expectations, paring Fed rate cut expectations.
US Fed Chair Jerome Powell poured water on a March rate cut at yesterday’s FOMC meeting but markets continue to price in an aggressive series of cuts for the rest of the year.
Gold and silver grab a bid after Iranian drone strikes on US service personnel over the weekend, while later this week the latest FOMC decision and US Jobs Report will drive rate cut expectations.