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Gold little changed as US jobs data looms

Gold little changed as US jobs data looms

02 Sep 2021

Gold prices held steady on Thursday ahead of the US non-farm payrolls data that is crucial to the Federal Reserve‘s tapering plan, even as a private payrolls report missed expectations.

Spot gold was steady at $1,814.54 per ounce by 0112 GMT.

US gold futures were little changed at $1,817.20.

The dollar index hovered near multi-week lows.

The National Employment Report by payroll processor ADP showed US private employers hired far fewer workers than expected in August, but the labour market continued to steadily recover.

The Labor Department will release the non-farm payrolls report for August on Friday. Fed chief Jerome Powell said last week the labour market recovery would determine the timing of the asset purchase tapering.

Gold is considered a hedge against inflation and currency debasement, caused by massive stimulus measures.

Meanwhile, global factory activity lost momentum in August as the coronavirus pandemic disrupted supply chains, raising concerns faltering manufacturing would add to economic woes caused by slumping consumption, surveys showed on Wednesday.

The euro zone economy is recovering from the pandemic and only needs “surgical” support targeted at sectors that are still struggling, European Central Bank President Christine Lagarde said in an interview published on Wednesday.

Silver was flat at $24.17 per ounce, while

fell 0.6% to $996.53. Palladium eased 0.2% to $2,437.99.