PRECIOUS METALS | Gold Rebounds as Jobs Data Cools and Oil Prices Ease, While Fed Outlook Stays Hawkish

Gold rebounded as U.S. nonfarm payrolls showed signs of cooling and oil prices pulled back. According to Jin10, the Federal Reserve is widely expected to keep policy unchanged in July. The report said the rebound has been supported by the softer jobs backdrop and the decline in oil prices. However, it added that the Fed’s dot plot remained hawkish and that disagreements over longer-term rate hikes have not been resolved. It also noted that the U.S. dollar and trend momentum have not moved in sync, and described the market move as more of an oversold repair than a reversal.