Gold Price Holds Above $2,900 as Traders Await US NFP Data

Gold prices remained above the $2900 mark on Friday due to the decline in the US dollar. Worries about the economy leading up to the release of the US Nonfarm Payrolls (NFP) report.

Traders in the session saw an increase in metal prices as they speculated that the Federal Reserve might reduce interest rates several times in 2025 due to concerns about sluggish economic growth and persistent trade tensions putting pressure on the dollar and indirectly driving up the value of gold.

Concerns about the trade policies in the US have contributed to the appeal of gold as an investment option. Investor prudence has been influenced by changes in tariff strategies under the Biden administration and the exceptions granted to Canada and Mexico.

Gold prices remained stable in a trading range while investors awaited information from the upcoming NFP report regarding job additions and unemployment rates for February. projections stand at 160k new jobs and a 4% unemployment rate, holding steady. If the report shows numbers than expected ,there could be an increased likelihood of interest rate cuts, which may lead to an uptick in gold prices.

Gold is currently encountering obstacles around the range of $2926 to $2930 levels before climbing towards its record peak of $2956 if it surpasses this range. To the downside lies support at $2884, with levels at $2860 and $2831.

Following the release of the job report and anticipating market fluctuations ahead traders are staying vigilant for any breakthroughs.