Gold price trades in positive territory in Friday’s Asian session.
US election uncertainty and geopolitical risks underpin the Gold price, but renewed USD might cap its upside.
The US October Nonfarm Payrolls data will take center stage on Friday.
The Gold price (XAU/USD) recovers some lost ground on Friday. The uncertainties surrounding the US presidential election and the ongoing geopolitical tensions in the Middle East provide some support to the precious metal, a traditional safe-haven asset.
Nonetheless, the rising US treasury bond yields and a stronger US Dollar (USD) might weigh on the yellow metal. Traders will closely watch the US October employment report on Friday for fresh impetus, including the Nonfarm Payrolls (NFP), Unemployment Rate and Average Hourly Earnings. The stronger outcome could prompt bets for less aggressive policy easing by the Federal Reserve (Fed), exerting some selling pressure on the non-yielding yellow metal.
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