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The US publishes its October employment report - the main release of the week for the dollar. Consensus expects +65 thousand non-farm payrolls after a weak +29 thousand a month earlier, and half an hour later the preliminary Michigan index is released.
In the early hours of Friday, gold (XAU/USD) fell to $3,986 - below $4,000 for the first time since July. Before that, on Thursday, the metal lost 2.81% over the session. By midday the price had rebounded to $4,029, but gold is closing the week down more than 3%.
Reserve Bank of Australia Deputy Governor Andrew Hauser said the inflation forecast looks worse than the bank's own calculations. AUD/USD rose about 0.45%, broke through the round 0.7000 level and reached 0.7017 - a two-week high and the fourth consecutive gain.
On October 9, gold gained more than 1.4% and rose to $4,207 per ounce, recovering from a daily low of around $4,130. The metal was supported by weak US consumer sentiment data, falling government bond yields, and a weaker dollar.
Today at 17:00 MSK, the preliminary University of Michigan survey will be released. The market's main focus is inflation expectations: in September, the one-year-ahead figure rose from 4.0% to 4.6%, while five-year expectations climbed to 3.4%.
The dollar is declining against major currencies for the second session in a row. EUR/USD rose to 1.1230, while USD/JPY fell below 158.00 amid a pullback in US Treasury yields and a decline in the geopolitical premium.
Gold is recovering for the second day in a row after falling to $4,066, a two-month low. By the morning of October 9, XAU/USD had risen to the $4,140-4,150 area, adding about 2% from the weekly low.
Gold declined after the publication of the minutes of the September Fed meeting. XAU/USD briefly dropped to $4,066, the lowest level in about two months, amid a stronger dollar and rising US bond yields.
XAU/USD rose to $4,227 on Friday but failed to consolidate above $4,200 and pulled back to $4,138. That is about a 1% decline for the day, despite a weak US labor market report.
