Gold gains with traders awaiting US data for fresh Fed cues

Gold prices edged higher on Thursday, as investors looked forward to the release of the delayed U.S. jobs report that could shed more light on the Federal Reserve‘s interest rate trajectory.

FUNDAMENTALS

* Spot gold was up 0.3% at $4,092.98 per ounce, as of 0153 GMT. U.S. gold futures for December delivery edged 0.2% higher to $4,092.70 per ounce.

* Investors now await the September U.S. non-farm payrolls report due later in the day after being delayed due to the recent U.S. government shutdown.

* Economists polled by Reuters expect the report will show that employers added 50,000 jobs during the month. * Minutes from the Fed’s October meeting released on Wednesday showed it cut interest rates even as policymakers cautioned that doing so could risk entrenched inflation and a loss of public trust in the U.S. central bank.
* Traders now see nearly a 33% chance for a rate cut at the Fed’s December 9-10 meeting, down from 49% on Wednesday, CME Group’s FedWatch tool showed.
* Non-yielding gold tends to do well in a low-interest-rate environment and during times of economic uncertainties.
* Meanwhile, U.S. President Donald Trump on Wednesday doubled down on his criticism of Fed Chair Jerome Powell for not lowering interest rates more quickly.

* The dollar index held steady near a two-week high against its rivals. A stronger dollar makes gold more expensive for holders of other currencies.

* A relief rally swept across Asian markets and lifted stocks in early trading on Thursday as investors cheered Nvidia’s market-topping earnings.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.22% to 1,043.72 tonnes on Wednesday from 1,041.43 tonnes on Tuesday.

* Elsewhere, spot silver gained 0.4% to $51.58 per ounce, platinum climbed 1% to $1,561.39, and palladium added 1.4% to $1,399.

DATA/EVENTS (GMT)

1330 US Non-Farm Payrolls Sep

1330 US Unemployment Rate Sep

1330 US Average Earnings YY Sep

1330 US Initial Jobless Clm 10 Nov

1330 US Philly Fed Business Index Nov

1500 EU Consumer Confid. Flash Nov

1500 US Existing Home Sales Oct.