[MARKET ANALYSIS] Gold rangebound ahead of US NFP; Base metals rise, led by nickel prices following an cut in output from the world's largest mine

• Spot gold remains contained in a USD 4965-5086/oz band that has been formed so far this week, ahead of a busy week of tier-1 US data.
• Later today, the delayed US NFP report is set to be released. Markets are expecting a payroll figure of 65K, with the unemployment rate to hold steady at 4.4%. Ahead of the report, NEC director Hassett warned that slightly lower job numbers should be expected, but said this should not trigger panic.
• Base metals have been steadily bidding higher with 3M LME Copper reaching USD 13.25k/t. The broad-based move seems to have been driven by nickel prices. Weda Bay, the world's largest nickel mine, has been told by Indonesian authorities to cut its output by 70% in an effort to boost global prices. Indeed, LME nickel futures prices did lift higher following the report, rising from USD 17.75k/t to USD 17.95k/t but has since pared back slightly.

Gold is currently trading within a confined range as traders await the release of the US NFP report, which is likely to influence market sentiment. Meanwhile, base metals, particularly nickel, are gaining traction due to a significant output cut from the world's largest mine, underscoring supply constraints that could support prices in the near term.