Gold stabilizes ahead of Fed speakers' speech and US labor market data

Against the backdrop of the strengthening of the US currency ahead of speeches by some Federal Reserve officials, including the head of the Fed, Jerome Powell, at the end of the current week, there is a slight decline in gold prices on Monday.

Along with this, key data on US nonfarm payrolls will be in focus this Friday. Maintaining the trend of a strengthening labor market will allow the Fed to carry out a subsequent increase in interest rates, which may adversely affect metal markets.

Positive for gold prices were signals from the Fed about slowing down the pace of interest rate hikes in the coming months.

Nevertheless, the uncertainty about the maximum value that can be reached by interest rates in the US has led to some profit-taking in bullion prices, primarily in light of the fact that inflation in the US has significantly exceeded the Fed's target band.