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Gold held at a narrow level as the spotlight turns to US employment data

The gold price was stuck in a range on Thursday, as investors waited for the non-farm payrolls report from the United States that could affect when Federal Reserve will cut interest rates.

By 0801 GMT, spot gold had fallen by 0.1% at $3,352.59 per ounce. U.S. Gold Futures increased 0.1% to $3363.10.

Nitesh Nitesh, commodities strategist at WisdomTree, said that gold is searching for new triggers.

The non-farm payrolls may be the trigger later.

ADP released data showing that private payrolls in the United States fell by 33,000 positions in June. This was the first drop in over two years.

According to a survey, the non-farm payroll report, due on Thursday at 1230 GMT, is expected to show a decline from May's 139,000 jobs to 110,000 in June.

The U.S. stock market reached record highs following President Donald Trump's announcement that the U.S. had struck a deal with Vietnam. This included a 20% tariff for exports into the United States. He also expressed optimism regarding a deal with India.

ANZ analysts wrote in a report that "more trade deals with lower tariffs can build confidence that inflation will be benign and allow the Fed to ease monetary policies."

Gold that does not yield a return tends to do well during low interest rates and times of financial and political uncertainty.

Other precious metals saw spot silver rise 0.1% to $36.93 per ounce, platinum remained steady at $1.417.85 (near a 10-year high reached last week), and palladium rose 0.1% at $1.155.97.

(source: Reuters)