📈 Gold jumps 1.5% ahead of NFP, hitting its highest level since Jan. 30

Gold is up more than 1% today, supported by a weaker U.S. dollar and a set of favorable fundamental drivers. Donald Trump said the U.S. should maintain the lowest interest rates in the world and threatened to deploy a second aircraft carrier closer to Iran. Iran said today that its missile program is not up for negotiation, even as it considers renewed talks with the United States.

What’s particularly notable is new information from the Dutch pension fund Stichting Pensioenfonds ABP, indicating the fund has reduced its U.S. Treasury holdings by about 30% and sold roughly $10 billion of U.S. government bonds over a six-month period (through September 2025).
ABP still holds around $19 billion in Treasuries, but the shift adds weight to the narrative that some large investors are gradually trimming exposure to U.S. debt. Even if the scale remains limited for now, it can still be enough to pressure the dollar and support gold.
Strong demand from gold ETFs is also helping the upside. Volatility may pick up later today ahead of the U.S. NFP labor market report (14:30 CET). Recent U.S. employment data have been largely disappointing, which has provided additional support for precious metals.

From a technical perspective, the hourly gold chart suggests an important resistance zone near the 61.8% and 71.6% Fibonacci retracements of the latest downswing. A break above $5,260 could open the way toward fresh all-time highs. Price remains above both the EMA50 and EMA200, pointing to strong bullish momentum.

Source: xStation5

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