Here’s the update on XAUUSD news today, February 2, 2024. The price of gold (XAU/USD) is stagnant in the European session this Friday, hovering below the one-month high of around $2,065. Intensive diplomacy and a slight rise in US government bond yields are hindering gold as a safe-haven asset. Nevertheless, the planned US response to the killing of three American soldiers in Jordan and the weakening Chinese economy remain factors keeping investors cautious.

The US dollar has seen a slight decline, driven by speculation that the Federal Reserve (Fed) may lower interest rates in 2024. This situation provides support for gold prices, which do not yield returns. Amid this complex fundamental backdrop, traders are opting to stay sidelined ahead of the US monthly employment report during the North American session. The Nonfarm Payrolls (NFP) report is expected to provide new signals regarding Fed policy, potentially affecting the USD and having a significant impact on XAU/USD.

Key Market News Today: Gold prices remain stable near a one-month high, awaiting the US NFP report.

  1. Unfounded reports regarding a ceasefire between Israel and Hamas are limiting gains in gold prices as a safe haven.
  2. Hamas has accepted a proposal to extend the combat pause in Gaza in exchange for the release of hostages.
  3. Houthi rebels claim to have attacked US commercial vessels, leading to US airstrikes in Yemen.
  4. Concerns over the health of regional US lenders after New York Community Bancorp faces pressure from commercial real estate portfolios.
  5. China’s manufacturing PMI contracted for the fourth consecutive month in January.
  6. Fed Chair Jerome Powell indicates that interest rates will decrease in the coming months.
  7. US 10-year bond yields fall below 4%, with speculation of Fed rate cuts weakening the US dollar.
  8. Initial US jobless claims rose by 9,000 to 224,000.
  9. ISM Manufacturing PMI improved to 49.1, with the Prices Paid Index rising.
  10. XAU/USD is poised to halt its decline as investors await US employment data and Fed policy cues.
  11. The NFP report is expected to show an increase of 180,000 jobs, with the unemployment rate inching up to 3.8%.


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That’s the explanation regarding “XAUUSD Today: February 2, 2024 - Peak Rise, US NFP Becomes a Determinant.” This analysis is based on views from reliable fundamental and technical sources and is not intended as advice or solicitation. Always remember that this content aims to enrich readers' information. Conduct your own independent research regarding other forex information as a reference in your trading decisions.

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