Here is the update on XAUUSD today, November 6, 2023. The price of gold in the Asian session on Monday is around $1,990 per troy ounce and struggling to rise further. However, gold bullion has increased due to expectations that the U.S. Federal Reserve (Fed) will end its tight monetary policy following disappointing U.S. employment data.

Nonetheless, gold prices may decline due to rising risks, prompting investors to sell gold and switch to riskier assets. This is driven by confidence that the Fed may not raise interest rates at the upcoming December meeting.

The U.S. Dollar Index (DXY) dropped more than 1.0% on Friday due to disappointing U.S. bond yields following the U.S. employment data. Currently, the 10-year U.S. Treasury yield is at 4.58%, providing slight relief for gold prices.

The Non-Farm Payrolls (NFP) data for October released by the U.S. Bureau of Labor Statistics on Friday showed a figure of 150,000, below the forecast of 180,000, indicating a significant decline from 297,000 in September. Average hourly earnings also fell 0.2% month-over-month, differing from the stable forecast of 0.3%.

The U.S. unemployment rate rose to 3.9%, contrary to market expectations that remained steady at 3.8% in October. The ISM Services Purchasing Managers' Index (PMI) also fell to 51.8 from 53.6 previously. The U.S. Department of Labor also reported an increase in initial unemployment claims for the week ending October 27.

Gold is seeing increased demand as a safe haven asset amid the Israel-Hamas conflict. However, traders may alter their approach as concerns about the conflict in the Middle East subside, potentially reducing the risk premium. Developments in the situation and intergovernmental mediation efforts will continue to be monitored for further market insights.


Warning!

That concludes the explanation of "XAUUSD Today: November 6, 2023 - Global Gold Prices Freeze!" This analysis is based on fundamental and technical insights from trusted sources and is not intended as advice or solicitation. Always remember that this content aims to enrich readers' information. Be sure to conduct your own research first regarding other forex information to use as a reference in your trading.

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