Gold prices ticked higher on Wednesday, supported by a weakening US dollar and growing investor anticipation of upcoming US employment data.
The precious metal’s modest advance reflects a market in wait-and-see mode, with traders positioning for clues on the Federal Reserve’s next monetary policy step.
7% to $4,057.92 per ounce on Thursday, driven by softer-than-expected jobs data and declining oil prices.
The softer currency provided a tailwind for the non-yielding asset, making it more attractive to holders of other currencies.
With the US jobs report due later in the week, market participants are closely monitoring labor market strength to gauge the likelihood of further rate cuts or a pause in tightening.
This development follows a recent rally in gold, which rose 0.7% to $4,057.92 per ounce on Thursday, driven by softer-than-expected jobs data and declining oil prices.
The previous gain was fueled by a repricing of US monetary policy expectations after a disappointing labor report, which bolstered confidence that the Federal Reserve might adopt a more dovish stance.