Spot gold struggled to maintain momentum, falling back to $4,432.33 per ounce by Friday afternoon after the Labor Department reported 162,000 new jobs for August. This figure, significantly outpacing analyst estimates, bolstered the U.S. dollar and short-term Treasury yields, effectively stalling the precious metal's midweek recovery. The volatility highlights a market caught between shifting economic data and uncertainty regarding the Federal Reserve’s upcoming policy path.

Analysts remain divided on the metal's trajectory ahead of the September 16 FOMC meeting. While some experts point to weakening technical indicators and warn of a potential test of the $4,200 support level, others maintain that the long-term bullish case for gold remains intact regardless of short-term rate fluctuations. The focus now shifts to the August Consumer Price Index report, which is expected to provide the final piece of the puzzle before the Fed decides whether to hold rates steady or pursue a surprise hike.