Gold treads water ahead of US nonfarm payrolls report

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FUNDAMENTALS
Spot gold held its ground at $4,386.28 per ounce by 0046 GMT. Prices bounced from a near one-month low on Wednesday after the U.S. dollar and Treasury yields retreated from recent highs.
U.S. gold futures for December delivery rose 0.4% to $4,432.10.
Key U.S. nonfarm payrolls data is due on Friday. Meanwhile, the ADP National Employment Report showed U.S. private payrolls increased less than expected in August.
U.S. economic activity increased modestly, employment rose slightly and prices increased moderately in recent weeks, according to a mixed report published on Wednesday by the Fed that may do little to convince central bank policymakers one way or another as they weigh whether to raise interest rates at their September 15-16 meeting.
Markets are pricing in a 62% probability of a U.S. rate hike this month, the CME FedWatch Tool showed.
Gold is traditionally seen as an inflation hedge, but higher rates increase the opportunity cost of holding the non-yielding asset.
On the geopolitical front, fears of renewed escalation gripped the Middle East after the United States and Iran exchanged their biggest barrage since July, with Washington striking Iran's southern coast and Tehran firing at U.S. bases across the region.
Elsewhere, the Dutch central bank said on Wednesday it had moved a large part of its gold from North America to London over the past six months to be better prepared for a potential crisis amid rising geopolitical tensions.
Among other metals, spot silver was flat at $65.30 per ounce, platinum steadied at $1,760.33 and palladium fell 0.1% to $1,344.48.
DATA/EVENTS (GMT)
0145 China RatingDog Services PMI August
0750 France S&P Services PMI August
0750 France S&P Composite PMI August
0755 Germany S&P Services PMI August
0755 Germany S&P Composite Final PMI August
0800 EU S&P Services Final PMI August
0800 EU S&P Composite Final PMI August
0830 UK S&P Global PMI: Composite Output August
0830 UK Reserve Assets Total August
1230 US International Trade $ July 1230 US Initial Jobless Clm 29 August, w/e
1345 US S&P Global Comp PMI Final August
1345 US S&P Global Svcs PMI Final August
1400 US ISM N-Mfg PMI August
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document fetched 2026-09-03 03:00