Gold prices remain steady ahead of NFP report, boosted by trade war fears and USD decline

From Investing.com: 2025-03-06 03:37:00

Gold prices remained flat ahead of the NFP report, hovering around $2,900 despite trade war fears and a declining USD. Trump’s tariff measures have boosted gold to record highs this year, with XAU/USD gaining 11% since January. Weak US macro data suggests potential rate cuts from the Federal Reserve, supporting gold prices. Investors are cautious ahead of the NFP report tomorrow. Analysts predict gold may reach $3,000 if the NFP report is bullish.

The euro surged 1.56% against the USD, hitting a four-month high. EUR/USD’s rise is fueled by improved European growth prospects and fears of US economic slowdown due to tariffs. The market awaits the ECB rate decision, with a hawkish stance potentially boosting EUR/USD. Tariffs and trade wars may lead to looser US monetary policy, impacting the dollar’s value.

The Japanese yen gained 0.62% against the USD as trade war concerns overshadowed positive US economic data. The yen benefits as a safe-haven asset amid global uncertainty. Investors’ focus on long-term impacts of trade disputes drives demand for JPY. USD/JPY traders should monitor key levels for potential sell-offs. Today’s calendar is quiet, but jobless claims data and an FOMC speech could impact USD/JPY.



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