Gold gains, with investors gearing up for US nonfarm payrolls report
GLD•Other precious metals
Among other metals, spot silver XAG= rose 0.7% to $65.79, platinum XPT= climbed 0.8% to $1,773.59 and palladium XPD= firmed 1% to $1,358.78.
Gold rises as dollar and yields ease
Gold rose on Thursday as the U.S. dollar and Treasury yields eased, while investors strapped in for U.S. nonfarm payrolls data that could shape expectations for the Federal Reserve's next policy move.
Spot gold XAU= rose 0.8% to $4,422.00 per ounce by 0630 GMT after hitting a near one-month low in the previous session.
U.S. gold futures GCcv1 gained 1.2% to $4,467.60.
The U.S. dollar was under pressure while U.S. Treasury yields slipped from multi-year highs. A softer dollar makes greenback-priced metals less expensive for holders of other currencies.
Payrolls, Fed outlook and geopolitics in focus
Key U.S. nonfarm payrolls data is due on Friday. The ADP National Employment Report showed U.S. private payrolls increased moderately in August.
"The payrolls report will probably be the biggest defining moment of the week. If the jobs report misses expectations, and September rate hike bets decline, that could see gold move higher," said Ilya Spivak, head of global macro at Tastylive.
"If prices get over the $4,400 level they're currently in, we are going back in the direction of $4,500 and then $4,700."
Markets are pricing in a 63% probability of a U.S. rate hike this month, the CME FedWatch Tool showed.
U.S. economic activity increased modestly, employment rose slightly, and prices increased moderately in recent weeks, according to a mixed report published on Wednesday by the Fed that may do little to convince policymakers as they weigh whether to raise rates at their September 15-16 meeting.
