On March 7, 2025, the world gold price recorded a slight decrease after three consecutive days of increase. Specifically, the spot gold price decreased by 7.2 USD to 2,912.5 USD/ounce, while the gold futures contract decreased by 9.5 USD, closing at 2,919.7 USD/ounce.
Profit-taking activities: After a prolonged price increase, many investors decided to take profits, putting downward pressure on gold prices. Gold prices fell on Thursday (March 6), as US bond yields rose and investors took profits, while the market turned its attention to the official US jobs report on March 7 for more insight into the US Federal Reserve's monetary policy moves.
Spot gold ended the trading session on March 6 down 0.1% at $2,915.83 an ounce, after rising in the previous three sessions. Gold futures were almost unchanged at $2,926.6 an ounce.
Jim Kyckoff, senior analyst at Kitco Metals, commented: "We've only seen some mild profit-taking pressure from the recent rally, the fundamentals are still bullish... Another factor that is putting some light pressure on the gold market is rising bond yields."
The yield on the 10-year US Treasury note hit its highest in more than a week, denting the appeal of the non-yielding yellow metal.
The safe-haven metal has rallied more than 10% this year amid geopolitical uncertainty, hitting a record high of $2,956.15 an ounce on February 24.
The US imposed 25% tariffs on imports from Mexico and Canada on March 4, and imposed additional tariffs on Chinese goods. However, on March 5, the White House confirmed that it would exempt automakers from the 25% tariffs for one month, subject to compliance with existing free trade rules.
All eyes are on the US jobs report due on March 7. Economists polled by Reuters expect the U.S. economy to add 160,000 jobs. The Fed has kept interest rates steady this year after cutting them three times last year, but markets expect another easing in June 2025.XAUUSD trading strategy around the price zone:
SELL XAUUSD around 2920-2922
Stoploss: 2926
Take Profit 1: 2915
Take Profit 2: 2910
Take Profit 3: 2904
BUY XAUUSD around 2892-2894
Stoploss: 2888
Take Profit 1: 2899
Take Profit 2: 2905
Take Profit 3: 2910
Note: Always set Stoploss in all cases to be safe
Profit-taking activities: After a prolonged price increase, many investors decided to take profits, putting downward pressure on gold prices. Gold prices fell on Thursday (March 6), as US bond yields rose and investors took profits, while the market turned its attention to the official US jobs report on March 7 for more insight into the US Federal Reserve's monetary policy moves.
Spot gold ended the trading session on March 6 down 0.1% at $2,915.83 an ounce, after rising in the previous three sessions. Gold futures were almost unchanged at $2,926.6 an ounce.
Jim Kyckoff, senior analyst at Kitco Metals, commented: "We've only seen some mild profit-taking pressure from the recent rally, the fundamentals are still bullish... Another factor that is putting some light pressure on the gold market is rising bond yields."
The yield on the 10-year US Treasury note hit its highest in more than a week, denting the appeal of the non-yielding yellow metal.
The safe-haven metal has rallied more than 10% this year amid geopolitical uncertainty, hitting a record high of $2,956.15 an ounce on February 24.
The US imposed 25% tariffs on imports from Mexico and Canada on March 4, and imposed additional tariffs on Chinese goods. However, on March 5, the White House confirmed that it would exempt automakers from the 25% tariffs for one month, subject to compliance with existing free trade rules.
All eyes are on the US jobs report due on March 7. Economists polled by Reuters expect the U.S. economy to add 160,000 jobs. The Fed has kept interest rates steady this year after cutting them three times last year, but markets expect another easing in June 2025.XAUUSD trading strategy around the price zone:
SELL XAUUSD around 2920-2922
Stoploss: 2926
Take Profit 1: 2915
Take Profit 2: 2910
Take Profit 3: 2904
BUY XAUUSD around 2892-2894
Stoploss: 2888
Take Profit 1: 2899
Take Profit 2: 2905
Take Profit 3: 2910
Note: Always set Stoploss in all cases to be safe
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🪙 JOIN OUR FREE TELEGRAM GROUP 🪙
t.me/tradingchampionschannelJoin the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
️🥇 Zalo Group: zalo.me/g/hydlwv957
t.me/tradingchampionschannelJoin the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
️🥇 Zalo Group: zalo.me/g/hydlwv957
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.