Gold price soars to unseen highs amid high US yields, unfazed by US jobs data

• Gold hits record highs, defying US Nonfarm Payrolls spike and US Dollar gains, highlighting safe-haven status.
• Fed rate cut outlook adjusted after employment data, central bank remarks.
• Geopolitical tensions and strong demand from China bolster Gold’s market strength.

Gold rallied to a new all-time high, ignoring a strong March Nonfarm Payrolls report in the United States (US), which could prevent the Federal Reserve (Fed) from slashing rates sooner than the market expects. In achieving its milestone, the yellow metal ignored the rise in US Treasury yields and the Greenback, which clings to modest gains of 0.09%.

XAU/USD trades at $2,324 after reaching $2,330 earlier in Friday’s North American session. Gold’s price continued to be driven by fundamentals linked to the US Dollar, geopolitical risks and physical demand.