Gold Soars Above $4,400 on Weaker Labor Data and Easing Treasury Yields
Gold prices rebounded above $4,400 an ounce on Thursday after softer US labor data and easing Treasury yields provided bullion some relief following its sharpest pullback in weeks.
The spot gold price climbed more than 1% to around $4,435 in later Asian trading, while US futures rose about 1.5% to $4,480.
The immediate support came from a softer rates backdrop, which weakened the dollar and boosted gold.
The ADP's private employers added 38,000 jobs in August, below the 47,000 expected by economists surveyed by The Wall Street Journal, pulling Treasury yields back from multi-year highs.
Friday's nonfarm-payrolls report has become the main event, with economists expecting roughly 50,000-55,000 jobs to have been added in August after payrolls fell by 23,000 in July.