Gold climbs above $4,360 as yields retreat and investors await payrolls data

  • Gold recovered above $4,360 an ounce after reaching a near one-month low.
  • 38,000 private-sector jobs were added in August, below expectations of 47,000.
  • Dutch central bank transferred 86 metric tons of gold to London over six months.

Gold rose above $4,360 an ounce in Wednesday afternoon trading after earlier touching a near one-month low, as the U.S. dollar and Treasury yields retreated from recent highs. Investors are awaiting U.S. payrolls data due Friday for further indications of the Federal Reserve’s policy path. Oil prices reached fresh six-week highs as traders balanced elevated supply risks from ongoing Middle East hostilities against evidence that crude continued reaching the market. The latest ADP report showed U.S. private businesses added 38,000 jobs in August, the weakest increase since January and below the 47,000 expected, pointing to broader labor-market cooling. Markets now price a 66% chance of a September Federal Reserve hike, up from about 40% a week earlier, according to the CME FedWatch Tool. Separately, the Dutch central bank said it had moved 86 metric tons of gold from New York and Ottawa to London over the past six months to improve tradability and strengthen crisis preparedness.

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