Gold edges lower as spotlight shifts to US payrolls data
Gold prices edged lower on Thursday as investors held back from placing big bets ahead of U.S. non-farm payrolls data that could influence the Federal Reserve's interest rate trajectory as markets awaited this year's final policy-setting meeting.
Spot gold was down 0.1% at $2,648.69 per ounce, as of 1030 GMT. U.S. gold futures also eased 0.1% to $2,672.40.
The market's focus is on initial jobless claims due later in the day and the U.S. non-farm payrolls (NFP) report on Friday, with the payrolls likely increasing by 200,000 jobs in the month after rising by only 12,000 in October.
Traders are pricing in a 74% chance of a 25-basis-point cut at the Fed's Dec. 17-18 meeting, according to the CME Group's FedWatch Tool, opens new tab. Bullion, which does not pay any interest, historically performs well in a low-interest rate environment.
Source: Reuters
