Gold price prints a fresh four-day low as US recession fears recede

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• Gold price hits a four-day low as the US Dollar strengthens.
• US wage growth slows as workers become more reluctant to switch jobs frequently.
• Hopes for a soft landing are boosted as the US Unemployment Rate rose sharply to 3.8%.

Gold price (XAU/USD) extends its downward trend as the US Dollar remains resilient due to bearish market sentiment and steady employment growth in the US. The yellow metal faces pressure as the Federal Reserve (Fed) will likely keep interest rates higher for a longer period. The appeal for the US Dollar improves significantly as the US economy is expected to avoid a recession due to easing inflation and a stable job market.