Gold prices edged up on Thursday, reclaiming some recent losses as investors looked ahead to U.S. jobs data that could shape the Fed’s policy path.
Spot gold (XAU/USD) rose 0.4% to $2,033.93/oz by late morning as a weaker dollar and falling Treasury yields boosted bullion’s appeal. Markets are now focused on Friday’s non-farm payrolls release, which will give fresh clues about the Fed’s interest rate plans at its Dec. 12 meeting.
Traders see a 60% chance of a rate cut by March, CME data shows, as recent economic weakness fans hopes that peaks are past. But a strong jobs figure could prompt profit-taking after gold’s gradual recovery from earlier plunges.
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“The NFP data is ultimately going to determine whether gold breaks record highs again or we see some correction,” said one analyst. For now, bullion appears to be in wait-and-see mode ahead of the pivotal numbers.
