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• Gold price rebounds to around $3,115 in Thursday's late American session. 
• The heightened economic uncertainty supports the safe-haven demand, supporting the Gold price. 
• Traders await the US March employment data, which is due later on Friday. 

Gold price (XAU/USD) recovers some lost ground to near $3,115 during the late American session on Thursday after facing some profit-taking in the previous session. Escalating concerns over a global trade war and ongoing geopolitical risks boost the Gold price, a traditional safe-haven asset. 

The precious metal trims losses after falling over 2% from an all-time high, as a broader market selloff triggered by US President Donald Trump's reciprocal tariffs policy infected Gold traders. Traders attributed gold’s dip to profit-taking and investors selling some of their bullion holdings to cover losses in other asset classes.

However, the downside for the yellow metal might be capped amid the fears that Trump's tariffs could dampen economic growth. The heightened uncertainty could boost the safe-haven flows, benefiting the Gold price. "As the market sold-off on the deleveraging pressures, the market was looking for buying opportunities on the dip," said Peter Grant, vice president and senior metals strategist at Zaner Metals.

All eyes will be on the US March employment data on Friday, including Nonfarm Payrolls (NFP), Unemployment Rate and Average Hourly Earnings. In case of the stronger-than-expected outcome, this could lift the Greenback and cap the upside for the USD-denominated commodity price. Additionally, Federal Reserve (Fed) Chair Jerome Powell, Michael Barr, and Christopher Waller are set to speak later on the same day. 

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