Gold Stalls at $4,050 Ahead of US NFP Data Release

Gold price remains stable at around $4,050 during the European trading session on Tuesday.

Investors are awaiting the United States' Nonfarm Payrolls (NFP) data for July, which will be released later this week. Economists at Deutsche Bank expect a modest acceleration in hiring, with employment growth of +65k, modestly above June's +57k reading.

The Unemployment Rate is forecast to remain at 4.2%, although risks are skewed towards a rounding up to 4.3% if labour force participation rebounds after last month's sharp decline.

According to the CME FedWatch tool, there is a 63.6% chance that the Federal Reserve will hike interest rates in the September policy meeting.