Gold is expected to achieve its best weekly performance since January, with the non-farm payroll data becoming the key focus.

Gold prices are expected to record the largest single-week increase since January this year. The weakening oil prices provide support for gold prices, while investors are waiting for the U.S. nonfarm payroll data to glean clues about the outlook for U.S. interest rates. StoneX senior analyst Matt Simpson stated that the improved prospects for peace in the Middle East have lowered market inflation expectations, driving gold prices further up from the previous several weeks' consolidation above $4,000. The U.S. Department of Labor will release the nonfarm payroll report tonight. Simpson added, "Regardless of the nonfarm payroll data, $4,000 has proven to be a solid support levelI suspect bulls are waiting for a pullback to seize the opportunity to push gold prices back up to $4,600. Nonfarm payroll data may bring some volatility in the short term, but the price trend has already indicated the direction, and gold seems poised to rise."