Gold steady as investors await US jobs data

Gold bars

Gold futures held steady on Wednesday as investors awaited key US economic data and weighed Federal Reserve Chair Jerome Powell’s cautious stance on interest rate cuts.

August gold futures were flat at $3,349.8 per ounce during morning trading.

Spot gold edged up 0.1%, or $3.47, to $3,342.31 an ounce as of 08:24 a.m. Makkah time.

The US dollar index, which tracks the greenback against a basket of six major currencies, was little changed at 96.75 points.

Elsewhere in metals trading, September silver futures slipped 0.25% to $36.32 per ounce. Spot platinum was steady at $1,359.41, while spot palladium jumped more than 1% to $1,119.32.

Powell reiterated that the central bank intends to wait and gather more data on the inflationary impact of tariffs before deciding on rate cuts, signaling a reluctance to meet President Donald Trump’s calls for immediate and aggressive easing.

Markets are now focused on upcoming US private payrolls data due later today, followed by the monthly nonfarm jobs report set for release on Thursday, as investors seek further clues on the labor market’s trajectory.