Gold Price: XAU/USD picks up, nears $4,900 in risk-off markets

LONDON (February 6) Gold (XAU/USD) is trimming some losses on Friday, trading near $4,880 at the time of writing, after bounding from lows at $4.655 during the Asian session. A risk-averse market mood is providing some support to precious metals, although the US Dollar’s strength is keeping upside attempts limited for now.

Gold drew some support from weak US employment data released earlier this week, which has reactivated pressure on the Federal Reserve to ease borrowing costs further. Beyond that, investors have turned averse to risk, following a three-day sell-off on Wall Street that has spilled over into Forex markets, increasing demand for safe havens like Gold.

FXStreet