ETO Markets Global Pulse: Gold Rebounds on Weak NFP, Slips Below 5100 in Asia Market

Market Review

According to ETO Markets monitoring, on March 6 (Friday) spot gold rebounded sharply after weaker-than-expected U.S. February nonfarm payrolls. Data showed payrolls declined by 92,000, far below expectations of a 59,000 increase, while the unemployment rate rose to 4.4%.

Driven by renewed rate-cut expectations, spot gold gained 1.77% to close at USD 5,171.01/oz, while April U.S. gold futures rose 1.6% to USD 5,158.70/oz. However, amid a stronger dollar and escalating Middle East tensions, gold still recorded its first weekly decline in five weeks, falling about 2% for the week.

During Asian trading on March 9 (Monday), spot gold moved lower and briefly fell below the USD 5,100 psychological level, touching an intraday low of USD 5,044.51/oz.

Global Headlines

Mojtaba Khamenei Named Irans Supreme Leader

Iran‘s Assembly of Experts confirmed Mojtaba Khamenei as the new Supreme Leader. Under Iran’s constitution, the Supreme Leader holds final authority over major state affairs and serves as commander-in-chief of the armed forces.

Trump Says Iran Leader Must Gain U.S. Acceptance

Former President Trump stated that Irans new Supreme Leader would struggle to remain in power without U.S. “approval,” reiterating that Washington will not allow Iran to acquire nuclear weapons.

U.S. Lifts Strait of Hormuz Shipping Warning

The U.S. Maritime Administration lifted its earlier advisory urging commercial vessels to avoid the Strait of Hormuz and the Persian Gulf, though markets remain cautious about the routes security.

Iran Says It Can Sustain Six Months of War

Irans Revolutionary Guard said its weapons stockpiles could support at least six months of high-intensity conflict and warned that longer-range advanced missiles could be deployed in future operations.

Trump Says No Plan for U.S. Ground Troops

Trump indicated that the United States currently has no plans to deploy ground forces in Iran, stating that military operations remain focused on airstrikes targeting Iranian military and energy facilities.

ETO Markets Analyst View (Spot Gold)

From a technical perspective, USD 5,130 represents the key near-term pivot. Sustained trading below this level keeps the short-term bias negative, with downside targets at USD 4,995 and USD 4,940. A move back above USD 5,130 would open room toward USD 5,175 and USD 5,225.

RSI remains below the neutral 50 level, indicating that short-term momentum is still relatively weak. Gold continues to fluctuate between geopolitical tensions, dollar strength, and shifting rate-cut expectations. Market volatility remains elevated, and investors should carefully assess trading rhythm and risk exposure.

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