Gold prices are expected to experience significant fluctuations today due to geopolitical tensions and the upcoming nonfarm payroll report.
Spot gold dipped to $2,640 following strong US ISM services data, but it quickly rebounded to $2,660 as news emerged of US discussions with Israel regarding potential strikes on Iranian oil facilities. The market reacted to news of the US considering strikes on Iranian oil facilities in response to the ongoing Iran-Israel conflict, which helped gold bounce back.