TechFlow, May 2 — Due to declines in the dollar and U.S. Treasury yields, gold futures rose during relatively light trading. However, they are still down overall for the week following a sharp sell-off on Thursday.
Analysts at SP Angel said in a report that outflows from ETFs indicate traders and investors have taken profits after gold prices rose 21% year-to-date. SP Angel noted that easing trade tensions are reducing gold's appeal, along with Trump's announcement that he does not intend to dismiss Powell. Market focus now turns to Friday's U.S. employment data. Weaker-than-expected figures would boost optimism over Fed rate cuts, which would be positive for non-yielding gold.
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