Ella 
Gold prices (GOLD/USD) turned sharply higher during the session on Friday, rebounding more than 1.3% from the lowest level since March 8 hit after the US non-farm payrolls data in the $1,810 area. At the same time, the U.S. non-farm payrolls report (NFP) reiterated expectations that the Federal Reserve (Fed) will raise interest rates at least once in 2023, continuing to put pressure on precious metals.
However, other details in the report showed wage growth remained moderate in the reported month, easing concerns about inflation that could allow the Fed to soften its hawkish stance. This in turn dragged the U.S. dollar (USD) lower for a third day in a row, prompting aggressive short covering in gold prices and snapping a nine-day losing streak.
Additionally, escalating geopolitical tensions in the Middle East also helped GOLD/USD gain some follow-through traction on the first day of the new week, climbing to more than a week’s top during the Asian session. However, gold struggled to capitalize on a move above the $1,855 area as traders now set their sights on this week’s release of FOMC minutes and U.S. consumer inflation data.
