• XAU/USD rises 0.05% to $2493, with prices rebounding after hitting a daily low of $2471.
• Weaker-than-expected US JOLTS report fuels speculation of a 50 bps Fed rate cut in September.
• Falling US Treasury yields and a softer US Dollar support Gold, despite volatile profit-taking throughout the session.

Gold's price aimed higher during the North American session after weaker-than-expected jobs data in the United States (US) increased the odds for a 50-basis point (bps) rate cut by the Federal Reserve. Additionally, US Treasury bond yields dropped and undermined the greenback, which is inversely correlated to the golden metal. Therefore, the XAU/USD trades at $2493, up by a minimal 0.05%.

Bullion prices had been seesawing throughout the day, mainly driven by traders' booking profits, which pushed the golden metal toward a daily low of $2,471. Lately, Gold recovered some ground as the US Bureau of Labor Statistics (BLS) revealed its latest Jobs and Labor Turnover Survey (JOLTS), showing vacancies dropped to their lowest level since January 2021.

Following the data, US Treasury bond yields dropped, as shown by the yield on the 10-year benchmark note, which is down almost six bps to 3.776%, as traders increased their bets that the Fed might lower interest rates aggressively on fears that they are behind the curve.

According to CME FedWatch Tool data, odds for a 50 bps at the September meeting rose to 43%, almost a flip of a coin, as the next Federal Open Market Committee (FOMC) meeting will be held on September 17-18.

The US Dollar Index (DXY), which tracks the performance of six currencies against the American Dollar, dropped 0.37% to 101.38 after recovering from a year-to-date (YTD) low and rose almost 1.30% during the last six days.