Gold Bounces as Dollar Eases Ahead of Key Payrolls Report

Gold prices rebounded on Thursday as the US dollar and Treasury yields eased, setting the stage for the closely watched US nonfarm payrolls report due on Friday.

The spot gold price rose 0.5% to $4,409.97 per ounce, while US gold futures gained 0.9% to $4,455.30.

A softer dollar makes gold less expensive for holders of other currencies, which may be a key factor in the metal's price movement.

Ilya Spivak, head of global macro at Tastylive, noted that the payrolls report will likely be the biggest defining moment of the week, and if it misses expectations, gold prices could move higher.

Spivak predicted that if gold prices break above $4,400, they may rise to $4,500 or even $4,700.