Gold Stays Flat as Investors Await US Employment Report
Gold prices remained relatively steady on Thursday as investors held back ahead of the US employment report, which could influence the Federal Reserve's next move on interest rates. According to Mettis Global, spot gold rose by 0.27% to $4,183.9 an ounce as of 11:44 am PST.
The September nonfarm payrolls report is due on Friday and will likely have a significant impact on the Fed's decision. The US dollar has been firm due to continued gains in Treasury yields, making bullion more expensive for buyers holding other currencies.
Last week's inflation data showed consumer prices rising at a slower pace than forecast in August, with the previous month's price pressures also revised lower. This reduced bets on a Fed rate hike in October, although traders still price in an 87% probability of an increase in December.