Gold Surges Ahead of US Jobs Data as Dollar and Yields Ease

Gold prices jumped more than 1% on Thursday as the US dollar and Treasury yields eased ahead of highly anticipated US jobs data. Spot gold rose 1.1% to $4,434.70 per ounce by 0425 GMT after hitting a near one-month low in the previous session.

The ADP National Employment Report showed moderate growth in US private payrolls in August. Markets are currently pricing in a 62% probability of a US rate hike this month, according to the CME FedWatch Tool.

Ilya Spivak, head of global macro at Tastylive, said 'The payrolls report will probably be the biggest defining moment of the week.' If the jobs report misses expectations, gold prices could move higher, potentially targeting $4,500 and then $4,700.