Gold Holds Above $3,350 Ahead of Key US Jobs Data

Gold Consolidates Above $3,350 Ahead of Crucial US Labor Report

Bullish Momentum Slows, But Gold Remains Supported

Gold is holding steady near the $3,350 level, consolidating Monday’s 2.80% rally which took prices to their highest point since May 8. The recent bullish momentum is easing slightly, yet trade policy tensions and USD volatility continue to underpin demand for the precious metal.

Despite a mild reversal in the US Dollar, Greenback gains remain limited as traders await new economic signals.

JOLTS Job Openings in Focus

Later today, investors will turn their attention to the JOLTS (Job Openings and Labor Turnover Survey) data at 14:00 GMT, expected to show a modest drop in openings to 7.1 million for April, down from 7.192 million in March.

“The JOLTS report kicks off a high-stakes week of labor-focused data that could influence Fed expectations and risk sentiment,” analysts at Tredu note.

Gold’s behavior around the release could offer clues about investor sentiment toward employment trends and the Fed’s future policy path.

Trade Uncertainty Keeps Gold in Play

Market uncertainty lingers following US President Donald Trump’s demand for global trade proposals by midweek and speculation over a possible phone call with China’s Xi Jinping. These developments continue to temper appetite for risk, keeping gold's safe-haven appeal intact.

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