Gold Prices Rise as Dollar Eases Ahead of US Nonfarm Payrolls

The price of gold rose by 0.5% to $4,409.97 per ounce on Thursday as the US dollar and Treasury yields eased. This comes ahead of the US nonfarm payrolls data release on Friday, which could influence expectations for the Federal Reserve's next policy move.

US gold futures GCcv1 gained 0.9% to $4,455.30. The US dollar was under pressure while US Treasury yields slipped from multi-year highs. A softer dollar makes greenback-priced metals less expensive for holders of other currencies.

Ilya Spivak, head of global macro at Tastylive, stated that the payrolls report will be the biggest defining moment of the week. If the jobs report misses expectations and September rate hike bets decline, it could see gold move higher.