Gold price (XAU/USD) holds steady near $4,685 during the early Asian session on Friday. Traders prefer to wait on the sidelines ahead of the key US employment data for April, which is due later in the day.
Economists expect a gain of 62,000 jobs for April, while the Unemployment Rate is projected to remain steady at 4.3%. This report might dictate the Federal Reserve’s (Fed) next move regarding interest rates. Any signs of improvement in the US labor market could lift the US Dollar (USD) and weigh on the USD-denominated commodity price in the near term.
On the other hand, optimism over a US-Iran peace deal has led to a sharp drop in oil prices and eased concerns over inflation. The US President Donald Trump administration has been waiting for Iran to respond to its proposal to reopen the Strait of Hormuz and end the war.
Iran’s leaders haven't indicated whether they’ll accept the terms of the deal, though they’ve previously shown little sign of yielding on their nuclear program and accepting a moratorium on enriching uranium.
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