Gold Holds Steady Ahead of Crucial US Employment Data
The price of gold held steady at around $4,100 per ounce on Wednesday, August 5, as investors awaited crucial US economic data releases that could provide insight into the Federal Reserve's interest rate path.
Spot gold was up 0.1% at $4,078.24 per ounce, moving within a narrow $20 range during the session. Spot silver also traded largely unchanged at $59.54 per ounce.
A weaker US dollar supported the price of gold, as it made the precious metal cheaper for buyers using other currencies. However, gains in gold remained limited due to higher crude oil prices, which generally ease inflation concerns and reduce the likelihood of aggressive interest rate hikes.
Key US employment data releases this week will be closely monitored by investors, including the ADP private employment report, weekly initial jobless claims, the official US non-farm payrolls report, and comments from a Federal Reserve official.