Gold steady before US payrolls data, heads for small weekly gain
Spot gold holds its ground at US$4,475.75 per ounce, as at 0040 GMT
Gold prices remained stable at US$4,475.75 per ounce on Friday, Sep 4, as market focus shifted to the upcoming US payrolls data. Earlier, on Thursday, the precious metal saw a 2% increase, as traders reduced expectations of a September rate hike following comments from Fed Governor Christopher Waller. US gold futures for December delivery declined 0.4% to US$4,522.60.
The CME FedWatch Tool indicates a 50% probability of a Fed rate hike later in September. Despite gold's reputation as an inflation hedge, higher interest rates typically negatively impact the asset. The US nonfarm payrolls report is scheduled for release at 12:30 GMT. Recent data revealed that the number of Americans filing unemployment claims increased slightly last week, despite low layoffs, indicating stable labor market conditions.
Other metals experienced minor fluctuations, with silver down 0.1% to US$66.88 per ounce, platinum falling 0.3% to US$1,820.18, and palladium decreasing 0.4% to US$1,415.37.
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