Gold price (XAU/USD) is up around $3,272 in early Asian trading on Monday. People are worried about a US recession and trade problems between the US and China. This makes gold, a safe-haven asset, more popular. Later today, the US ISM Services PMI for April will be important news.
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China’s Commerce Ministry said they might talk with the US about President Trump’s 145% tariffs. But the two countries are still far from agreeing. Trump said there “could” be a trade deal soon, but he’s not sure. This uncertainty helps gold because people buy it when they’re nervous.
Many believe the US Federal Reserve will lower interest rates in June. This makes gold more attractive since it doesn’t pay interest. Michael Feroli from JPMorgan said the latest jobs report means the Fed likely won’t change rates this week, and a rate cut in June is harder to predict.
The US Nonfarm Payrolls (NFP) report showed 177,000 new jobs in April, more than the expected 130,000. This was less than March’s 185,000 (revised from 228,000). The Unemployment Rate stayed at 4.2%, and Average Hourly Earnings were steady at 3.8% year-over-year.
