Gold wanes as US Dollar soars, unfazed by lower US yields

• Gold down 0.4% as stronger USD, lower Treasury yields follow weak US jobs data.
• Missed US April Nonfarm Payrolls heighten focus on potential Fed rate adjustments in September.
• Market awaits Fed officials’ comments and key data, including jobless claims and consumer sentiment indices.

Gold price slipped during the North American session, dropping around 0.4% amid a strong US Dollar and falling US Treasury bond yields. A scarce economic docket in the United States (US) would keep investors focused on Federal Reserve ( officials during the week after last Friday’s US employment report.

The XAU/USD trades at $2,315 after hitting a daily high of $2,329. The financial markets narrative is focused on when the Fed will begin to ease policy following the release of softer economic data. The US Department of Labor revealed that April’s Nonfarm Payrolls came in at 175K, missing estimates and trailing March’s upward revised 315K figure.