Gold prices flat ahead of US jobs data
GLD•Spot gold was little changed at $4,146.66 an ounce in early Asian trading, while December US gold futures fell 0.3% to $4,177. Traders awaited Friday’s September US nonfarm payrolls report for clues on the Federal Reserve’s interest rate path.
1. Gold prices steady
Spot gold was little changed at $4,146.66 per ounce as of 0027 GMT, while US December gold futures fell 0.3% to $4,177.00. The September US nonfarm payrolls report is scheduled for release Friday.
2. Rate expectations
US inflation rose less than expected in August, and price pressures in the prior month were more moderate than previously reported. Gold briefly climbed after the data but closed lower; the figures trimmed expectations for an October Fed rate hike, while traders saw an 87% chance of a December increase. Higher interest rates reduce gold’s appeal because it pays no interest.
3. Other precious metals
Spot silver fell 0.4% to $60.17, platinum declined 0.1% to $1,704.95 and palladium fell 0.4% to $1,200.85.
