Another week, another 9-figure mining deal and gold churns at $2,300 level

The gold market is spinning its wheels, caught in a stalemate, which could create some profit-taking among investors and weigh on prices in the near term, noted mining audiences manager Michael McCrae. On Saturday McCrae recorded Kitco Roundtable. Heading into the weekend, markets continue to digest the disappointing nonfarm payrolls numbers. The U.S. economy created 175,000 jobs last month, according to the Bureau of Labor Statistics. The monthly figure missed expectations as economists were looking for job gains of 238,000.At the same time, the unemployment rate increased, and wages didn’t rise as much as expected.This was initially good news for the gold market, and prices briefly popped; however, in a fatigued market, many traders used the rally to sell. The gold market has managed to hold support above $2,300 an ounce, but it is ending the week with a roughly 1% loss.After its massive $400+ rally, the gold market continues to consolidate and trend lower as sentiment normalizes. The focus again turns to the Federal Reserve’s monetary policy and interest rates.According to analysts, gold investors need more clarity from the Federal Reserve as a rate cut this summer becomes increasingly unlikely.