Gold Lifted by Dollar Correction, All Eyes on US Labor Data

Gold took the chance and climbed higher on correcting dollar ahead of Friday's non-farm payrolls data. As expected, market is sensitive to any hints about possible sooner rate-hike. Even today we could hear about lift-off to be on the table during Federal Reserve's monetary policy decision process in June from the Richmond Fed President Jeffrey Lacker. Such hints are helping to boost the dollar's strengthening sentiment, albeit later in the session we could see correction on the US currency.
On the other hand, gold sales in Asia point to an increase and lower selling from Western investors could help the trend from long-term perspective. Nevertheless, the primary point comes from the rate-hike timing, as the US dollar is mostly affecting price of the metal now. In case of lift-off spurred bullish rally on the US dollar, we expect gold to dip even below $1,100 an ounce for short-term.