Gold slips ahead of US jobs report

Markets await US payrolls as gold edges lower

Gold and silver prices declined during Thursday's trading as investors awaited the US monthly jobs report for fresh clues on the Federal Reserve's monetary policy path.

Meanwhile, the US Dollar Index, which measures the greenback against a basket of six major currencies, was steady at 101.34, remaining near its highest level in more than a year.

According to the CME FedWatch Tool, markets are currently pricing in an approximately 64% chance that the Federal Reserve will raise interest rates at its September meeting, Reuters reported.

*Prices as of 8:32 a.m. Makkah time.

The move comes after gold rebounded from its lowest settlement level in more than seven months on Wednesday, following data showing US private-sector employment rose by 98,000 jobs in June, below economists' expectations of 118,000.

Investors are now awaiting the June US nonfarm payrolls report, due later today, for further signals on the Fed's interest rate outlook, amid expectations of slower hiring and a stable unemployment rate.