Gold prices steady as traders await US payrolls data for economic cues
Gold prices were steady on Thursday as investors assessed weaker-than-expected US data and ongoing global economic and political uncertainty, while looking ahead to US payrolls data for further economic cues.
Spot gold was up 0.1% at $3,368.91 an ounce, at 0354 GMT. US gold futures edged down 0.1% to $3,396.60.
"Like most markets at the moment, gold is in a holding pattern and riding on the Trump trade headlines - supportive, but hesitant to trade above this week's highs," said Matt Simpson, senior analyst at City Index.
"Volatility is also suppressed as we await comments from FOMC members and Friday's NFP report... If anything, it points to a stronger employment change figure, which could weigh on gold prices." The US services sector contracted in May for the first time in almost a year, as businesses faced higher input costs amid growing fears of stagflation.
Gold gained support after the Federal Reserve reported a slowdown in U.S. economic activity, citing rising costs and prices driven by higher tariffs since its last policy meeting. Bullion gained additional momentum after U.S. President Donald Trump reiterated his call on Fed Chairman Jerome Powell on Wednesday to cut interest rates.
"Volatility is also subdued as we await comments from FOMC members and Friday's NFP report ... If anything, it points to a stronger employment change number, which could weigh on gold." Bullion gained additional momentum after U.S. President Donald Trump reiterated his call on Fed Chairman Jerome Powell on Wednesday to cut interest rates.
Source: Reuters
