Gold prices trade sideways near $2,330 as markets brace for key job numbers — TradingView News

Volatile trading is the best bet for gold right now as attention turns to May non-farm payrolls.

• Gold Price XAUUSD were floating sideways near $2,330 an ounce, as traders and investors turned their eyes to a key economic report from the United States. Later this week – Friday – the nonfarm payrolls report for May will highlight possible next steps for the Federal Reserve. The report, commonly known as employment data, will show how many Americans joined the workforce over the past month.
• Why is this number important? Jobs data is a strong indicator of the health of the U.S. economy. The fewer jobs created, the more defensive employers become in spending, hiring and expanding. And vice versa: more jobs are a sign of less heating, and that's not something the Fed wants right now. Instead, central bankers expect a lower figure, around 180,000, or in the range of April's 175,000 new jobs.
• Where is the gold in all this? Gold could react positively to data showing a weaker jobs market (do your own research though), as the Fed could accelerate its interest rate cuts. And rate cuts mean borrowing costs will be reduced, which could prompt investors to view gold bullion as a no-yielding but safe-haven asset in times of falling interest rates.