Gold rose sharply on Thursday for the second day in a row. According to economists at Commerzbank, the release of the Non-Farm Payrolls could mean further upside potential for the yellow metal..
Gold gets a boost from the US dollar
“Gold is getting a tailwind from the US dollar, which has been prone to weakness over the last couple of days, thus more than offsetting rising bond yields.”
“ADP’s US employment figures were disappointing yesterday, showing just 120,000 jobs created in May and a downward revision from the previous month’s figure. If this picture is repeated in official labor market data As of today, gold is likely to continue its gains as this would presumably lead the market to lower its expectations for US Fed rate hikes.”
Source: Fx Street
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