Gold hovered just below the key US$4,100 threshold during Thursday's Asian deals, with traders treading cautiously ahead of the delayed United States September nonfarm payrolls (NFP) report, which is expected to provide crucial direction for monetary policy and broader market sentiment.
By 4 pm AEDT (5 am GMT), spot gold was trading 0.1% lower at US$4,072.59 per ounce, easing after its latest attempt to reclaim US$4,100.
The metal’s advance stalled as the U.S. dollar held near ten-day highs, with risk-on appetite - lifted by Nvidia’s strong earnings - offsetting the currency’s recent hawkish momentum.
Investors are now focused on the NFP release, the first full U.S. labour-market report in more than seven weeks following the government shutdown that halted official data publication.
Economists expect the U.S. economy to have added 50,000 jobs in September, compared with a 22,000 gain in August.
The unemployment rate is forecast to remain steady at 4.3%, while average hourly earnings are seen rising 3.7% year-on-year, matching August’s pace.
The jobs data will be closely assessed for signals around the Federal Reserve’s path for interest rates.
Minutes from the Fed’s October meeting revealed that policymakers were concerned that lowering borrowing costs too soon could undermine efforts to bring down inflation.
Market odds for a December rate cut are now at 29.6% according to the CME Group FedWatch Tool.
