Gold Prices Rebound Ahead of Crucial US Jobs Report

Gold prices have rebounded from recent lows as traders position ahead of the upcoming US Nonfarm Payrolls (NFP) report. As of Friday, spot gold is trading near $2,650 per ounce, up 0.8% on the day.

The NFP report, scheduled for release at 8:30 AM ET, will provide fresh direction for gold prices. A stronger-than-expected payrolls figure could reinforce the case for tighter monetary policy and potentially weigh on gold, while a weaker print might boost rate-cut bets and support bullion.

Market consensus expects a gain of around 180,000 jobs in October, with the unemployment rate holding steady at 4.1%. However, recent data on jobless claims and private payrolls have been mixed, adding uncertainty to the forecast.