Even as anticipation mounts ahead of the US jobs data due later today (Friday 5th May), investors may be bracing for more volatility in the week ahead thanks to another round of risk events.

Oil markets have been plunged into a bloodbath over the past 24 hours. The global commodity shed almost 3% this morning, extending a 5% drop on Tuesday after disappointing US economic data fuelled fears of a recession.

Asian equities were mixed on Tuesday with some markets closed as investors braced for a heavy event week packed with top-tier data releases and key central bank meetings.

Bloomberg’s model points to a 72% chance that spot gold will trade within the $1938.57 - $2031.73 range over the next one-week period.