Gold bounces to $1,315/oz post-NFP

• The US Nonfarm Payroll for April came below expectations at 164K versus the 192K forecast while wage’s growth disappointed at 2.6% YoY versus the 2.7% expected.
• Gold gained $5 as an immediate reaction to the release.

Gold is currently trading close to $1,315 per troy ounce. 

The non-farm payroll disappointed USD bulls who run to the safe-haven gold. In April, the Nonfarm Payroll came below expectations, printing 164K versus 192K forecast by analysts while wage’s growth (average hourly earnings) disappointed at 2.6% versus 2.7% YoY forecast by analysts. 

Of late, the greenback benefitted from huge demand on the back of expectations of policy normalization from the Fed. The USD bull run became a crowded trade and investors are starting to take profits on bad news. 

Earlier in the week on Wednesday the FOMC statement said that the US inflation was on target, but the Federal Reserve did not sound as hawkish as it could have been as no mention of a rate hike in June was made.