Gold prices edged lower on Friday after posting significant gains during the previous session, but failed to hold above the key level of $4,500. The yellow metal is currently trading above the daily pivot point of $4,424, as it seeks to maintain trading above this level to continue its climb toward resistance levels at $4,524 then $4,576. On the downside, if the price falls below the aforementioned pivot point, it may retreat toward support levels near $4,374 then $4,320.
Gold slipped on Friday and poised for a modest weekly gain, as traders’ attention turned to key U.S. payrolls data for clues on the Federal Reserve’s next interest rate decision.
Market Watch
Vance: declines to offer timeline for end to Iran conflict
U.S. Vice President JD Vance on Thursday said the fighting between the United States and Iran was not a war and declined to provide a timeline for when the conflict would be over, underscoring the challenge the Trump administration faces as the hostilities enter their seventh month and midterm elections loom.
His comments come as Washington and Tehran exchanged back-and-forth attacks this week after a period of relative calm, with no diplomatic talks with the Iranians underway to end the conflict.
Oil set for steepest weekly gain since mid-July
Oil prices rose on Friday, heading for their steepest weekly gain since mid-July, as rising tension and renewed U.S.-Iran hostilities heightened concerns over Middle East supply risks.
Meanwhile, Iran expanded its list of vessels it deems non-compliant and subject to fines, confiscation or detention if they attempt to transit the strait. Iraqi ships remain among the few vessels Tehran has cleared to pass through Hormuz.
Dollar steady ahead of payroll data
The U.S. dollar traded slightly lower on Friday as investors awaited the release of the U.S. jobs report, with expectations of an interest rate hike fading following dovish comments from Federal Reserve officials, which kept currency movements limited.
The dollar also posted a notable decline of 0.6% in the previous session, touching its lowest level since August 26.
Looking Ahead
Markets are awaiting U.S. Nonfarm Payrolls at 13:30 GMT, which could influence gold price