Gold firms to $4,409.97 as dollar eases ahead of U.S. payrolls

  • Spot gold rose 0.5% to $4,409.97 per ounce by 0219 GMT.
  • Markets priced a 62% chance of a September Federal Reserve rate hike.
  • U.S. nonfarm payrolls data is due on Friday.

Spot gold rose 0.5% to $4,409.97 a troy ounce by 0219 GMT on Thursday, firming after a near one-month low as the U.S. dollar and Treasury yields eased. U.S. gold futures gained 0.9% to $4,455.30. A softer dollar made greenback-priced metals less expensive for holders of other currencies. Investors focused on Friday’s nonfarm payrolls release, which could influence expectations for the Federal Reserve’s September 15-16 meeting. Markets priced a 62% probability of a U.S. rate hike this month on the CME FedWatch Tool, compared with a 66% chance noted earlier. ADP data showed private payrolls increased moderately in August, after an earlier reading of 38,000 jobs that missed the 47,000 forecast. A Federal Reserve report found economic activity rose modestly, employment edged higher and prices increased moderately, a mixed picture for policymakers. Ilya Spivak of Tastylive said a payrolls miss that trims September hike bets could lift gold, and that a move above $4,400 would point toward $4,500 and $4,700. Spot silver rose 0.6% to $65.74, with platinum and palladium also up 0.6%. Top aides to U.S. President Donald Trump are pushing to keep the Iran war from escalating before November’s midterm elections, people familiar with the matter said.

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