Gold Price Forecast: XAU/USD holds below $2,300 as China stops buying gold, US Dollar rebounds

Gold price remains on the defensive around $2,295 in Friday’s early Asian session. The US economy added 272K jobs in May, above expectations of 185K new roles. The Chinese central bank paused gold purchases in May after 18 months of buying. Gold price trims losses near $2,295 despite the stronger US Dollar on Monday during the early Asian session.

The financial markets are now pricing in nearly 49% odds of a rate cut for the September meeting, down from 68% before the NFP data, according to the CME FedWatch tool. Furthermore, the People's Bank of China , one of the world’s biggest gold buyers for years, snapped 18 months of continuous gold buying in May as the price hit record highs in April and May, per Bloomberg. The concern about decreasing demand for gold exerted some selling pressure on the precious metal. China held 72.

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