Analysis: Weakness in the US Dollar has led to an increase in the price of gold. A lower-than-expected nonfarm payroll report will benefit gold.

BlockBeats News, May 2nd, as the US dollar and US Treasury yields fell, gold futures rose in relatively light trading. However, after a significant sell-off on Thursday, the price fell overall this week.

Analysts at SP Angel said in a report that ETF outflows indicate that traders and investors have taken profits after gold prices have risen 21% so far this year. SP Angel stated that the easing of trade tensions is reducing the attractiveness of gold, while Trump announced he does not intend to dismiss Powell. The focus is now on the US employment data due out on Friday. If the data is weaker than expected, it will boost optimism for a Fed rate cut, which is positive for interest-free gold. (Oriental Fortune)