United States Employment data may weigh on XAU/USD after initial disappointment

On Friday, United States Nonfarm Payrolls (NFP) grew more than 205K expected to 311K in February, versus 504K (revised), while the Unemployment Rate rose to 3.6% for the said month compared to 3.4% expected and prior. Further, the Avearage Hourly Earnings rose on YoY but eased on monthly basis for February whereas the Labor Force Participation increased during the stated month. Despite mostly upbeat US data, the US Dollar failed to improve as risks from the Silicon Valley Bank (SVB) fallout drowned the US Treasury bond yields. However, the recent US regulators’ actions may redirect the market players towards remembering the upbeat US jobs report and renew the hawkish Fed bets ahead of next week’s Federal Reserve (Fed) monetary policy meeting, which in turn could weigh on the Gold  price.