Gold Latest Market Trend Analysis

The data released by the U.S. Bureau of Labor Statistics showed that the U.S. seasonally adjusted non-farm payroll employment in June was 147,000, with the consensus forecast at 110,000. The previous value was revised up from 139,000 to 144,000. The annual rate of average hourly earnings in June stood at 3.7%, below the expected 3.90%, while the prior figure was revised down from 3.90% to 3.8%.

Following the release of the non-farm payroll report, interest rate futures traders abandoned their bets on a Federal Reserve rate cut in July. Currently, the market-implied probability of a Fed rate cut in September is approximately 80%, down from 98% prior to the report. On Thursday, gold exhibited a seesaw pattern, surging initially to hit resistance near $3,365 per ounce before retreating. During the U.S. session, it broke below support levels and further declined to hover around $3,311, where it staged a rebound. Gold remains in a high-range consolidation under selling pressure.

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