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Gold (XAUUSD) Price Forecast: Rally Gains Steam as Dollar Weakens, NFP Looms
FX Empire· 2026-02-09 20:23
The driving force today is the softer U.S. Dollar, which fell to its lowest level since January 30, down about 0.84%. A weaker dollar tends to drive up foreign demand for dollar-denominated assets like gold. The price action in both the dollar and gold suggests growing expectations for weak economic data, especially the labor market.Last week’s Challenger January layoffs report, the mid-week ADP private-sector hirings report, and the government’s weekly initial claims report all pointed toward a feeble jobs ...