XAUUSD on track for a weekly gain

• Gold at $2,912/oz, up 10% YTD amid uncertainty
   
• Trump’s tariff pause on Canada and Mexico
   
• Investors eye US payrolls, expect 160K job gain
   
• XAUUSD potential 7-day range: $2,850.93 – $2,977.61

Gold held steady around $2,912 per ounce on Friday, March 06, 2025 and may be on track for a weekly gain.
 

Supported by its safe-haven status amid uncertainty over US President Donald Trump's fluctuating tariff policies.

Trump's recent suspension of 25% tariffs on Canadian and Mexican goods eased some market concerns, although Canada's retaliatory tariffs remain and as well as looming China's measures.
 

Investors are now focusing on US nonfarm payrolls data, which is expected to show a 160,000-job gain in February after mixed signals from rising layoffs and falling jobless claims.

So far, gold has risen 10% YTD as a hedge against political and economic uncertainties, amid trade tensions, inflation fears and a weaker dollar.

According to Bloomberg, the potential (72.5% – probability) 7-day XAUUSD trading range lies within $2,850.93 – $2,977.61, while the median $/oz for Q1 is at $2,703.00.