Gold edged higher on Thursday, set to end its eight-session-long losing streak, last seen around the same time in 2016, as U.S. bond yields and the dollar retreated from recent highs ahead of a keenly awaited non-farm payrolls report this week.
Spot gold rose 0.3% to $1,826.49 per ounce by 0314 GMT, attempting a rebound from its weakest levels since March touched on Tuesday. U.S. gold futures gained 0.3% to $1,840.90.
Any moves before the U.S. non-farm payroll this week may be short-lived, with the official job data still the key catalyst in dictating market direction ahead, along with the U.S. CPI data next week, he added.
Data on Thursday showed U.S. private payrolls increased far less than expected in September. Markets now await the Labor Department’s more comprehensive employment report on Friday.
Source : Reuters
