[MARKET ANALYSIS] XAU trades muted ahead of NFP and potential tariff decision
The muted trading in XAU as we await the NFP report signals cautious sentiment ahead of economic data that could shift market dynamics.
[MARKET ANALYSIS] Fixed relatively flat as we count down to NFP
Russian crude oil production came in at 9.33mln BPD in December, Bloomberg reports; over 100k BPD below November's level due to drone activity and the impact of sanctions
[MARKET ANALYSIS] XAU trades muted ahead of NFP and potential tariff decision
BofA Flow Show (USD): Bull & Bear Indicator remains at 9.0
US GOP is reportedly pushing ahead to prevent China from getting access to US tech such as chips, via Axios
Open the platform and use it. The whole workspace is free to try, with no signup and no card. When you want the headlines arriving live instead of on a delay, Newsquawk Pro is £24.99 for 7 days.
- Spot XAU started the Asia-Pac session on the backfoot, slowly falling from USD 4484/oz to USD 4453/oz, before oscillating in a tight c. USD 25/oz band as the European morning continues as markets await the highly-anticipated NFP report and the potential SCOTUS tariff decision.
- Market expectations for the December NFP print is 60k, with JPM forecasting an inline to slightly stronger print. In regards to the tariff decision, Polymarket is pricing in a 74% chance of the Supreme Court to rule against the IEEPA-imposed tariffs.
- After 2 days of selling from its ATH at USD 13.39k/t, 3M LME Copper has started to rebound from Thursday’s trough of USD 12.52k/t and is currently trading at USD 12.92k/t as the European session continues. The recent selloff in red metal comes amid a selloff in the tech-heavy NQ, with copper being a much-needed material in the semiconductor space.
With expectations for the NFP print around 60k, a stronger-than-forecast number may bolster the USD and pressure gold prices further. Additionally, the Supreme Court's upcoming tariff decision adds another layer of uncertainty, potentially impacting not just gold but broader market sentiment.
Related headlines
- Newsquawk European Market Wrap - 11th September 20262 days ago
- Trump removes 50% tariff on bulk Canadian whisky and liquers, effective September 15th2 days ago
- US EQUITY OPEN: US indices reverse initial CPI losses2 days ago
- Russian senior diplomat Ushakov says President Putin and Indian PM Modi discussed Ukraine during talks in New Delhi2 days ago
- CRUDE WRAP: WTI (V6) SETTLES USD 2.43 LOWER AT 100.05/BBL; BRENT (X6) SETTLES USD 3.02 LOWER AT 104.61/BBL1 day ago
- Saudi Crown Prince MBS has personally urged President Trump to launch military strikes against Houthi forces in Yemen amid their rapid advance along the Red Sea coast, reports to CBS citing sources2 days ago
- US President Trump reiterates that Iran will never possess a nuclear weapon2 days ago
- US FX WRAP: Dollar sees two-way action, but initially firms on hotter-than-expected core M/M print1 day ago
- US President Trump reiterates USD 5k payment to all US adults will happen 1 day ago
- TREASURY WRAP: T-NOTE FUTURES (Z6) SETTLE 8 TICKS LOWER AT 106-03+1 day ago
- Newsquawk US Market Wrap: Markets chop, and yields flatten after hot core CPI boosts Fed rate hike bets1 day ago
- Week in Focus 14-18th September 2026: Highlights include FOMC, BoJ, BoE, Inflation from UK, Canada and Japan1 day ago
- Week in Focus 14-18th September 2026: Highlights include FOMC, BoJ, BoE, Inflation from UK, Canada and Japan2 days ago
- Saudi Arabia has signaled a potential willingness to launch a major unilateral military operation against the Houthis, though Riyadh has not yet reached a final decision, according to ABC1 day ago
- A high-ranking Iranian security and political source told Al Mayadeen that contrary to claims and intimidation tactics, US President Trump is seeking to return to negotiations with Iran2 days ago
- Germany is developing a pharmaceutical pricing proposal for the Trump administration in an effort to avert potential US tariffs on German goods, reports Politico citing sources2 days ago
- Fed court reportedly blocks Trump order to keep Michigan coal plant open2 days ago
- Newsquawk Weekly Economic Calendar - 13th-18th September 20262 days ago
- JPMorgan revises Fed forecast and now sees hikes in September and December1 day ago
- Iran has reportedly launched drones towards ships in the Strait of Hormuz, reports Israel Channel 121 day ago
The whole workspace, free to try.
Try it free