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Gold steady on caution ahead of US jobs data

Gold steady on caution ahead of US jobs data

Gold prices held steady on Wednesday as investors awaited a key US jobs report for clues on when the Federal Reserve might start reducing its pandemic-era stimulus measures.

Spot gold was steady at $1,813.93 per ounce by 0109 GMT.

US gold futures were down 0.2% to $1,815.10.


index clawed 0.1% higher, having hit a more than three-week low on Tuesday.

Friday’s US nonfarm payrolls data is expected to help shape the Fed’s stance on monetary policy.

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

US consumer confidence fell to a six-month low in August as worries about soaring COVID-19 infections and higher inflation dimmed the outlook for the economy.

Euro zone inflation surged to a 10-year high this month with further rises still likely to come, challenging the European Central Bank‘s benign view on price growth and its commitment to look past what it deems a transient increase.

ECB policymaker Robert Holzmann called for reducing the central bank’s emergency bond purchases as soon as next quarter, adding he expected a discussion on the matter next week.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.2% to 1,000.26 tonnes on Tuesday, its lowest level since April 2020.

Silver was flat at $23.88 per ounce, while

rose 0.3% to $1,015.49. Palladium climbed 0.5% to $2,479.06.

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