Commerzbank predicts XAU/USD will face downward pressure due to anticipated robust US NFP.

Gold price has maintained most of its gains despite market turmoil, and it continues to trade above $1,950. However, Commerzbank economists say that market participants will keep a close eye on the US labour market next week. If buoyant labour market figures lead to an expectation of slower rate cuts, the gold market may see a significant correction. Gold ETFs tracked by Bloomberg have already registered inflows of 30 tons since the beginning of March, marking a positive trend for the yellow metal. Monthly inflows are expected for the first time since April 2022.

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