Gold prices gain as investors await US payrolls data

Gold prices little changed on Thursday, with investors staying on the sidelines ahead of US payrolls data that could offer more insight into the size of an anticipated interest rate cut later this month.

Spot gold surged to at $2,506 per ounce by 6:30 GMT. While US gold futures gained 0.31 per cent to $2,533.9.

Investors are also closely watching the ADP employment report, a key reading on the US services industry, and jobless claims data, all due later in the day.

Analysts at NAB noted that “central banks appear to be key drivers of gold demand over recent quarters,” and subsequently raised their 2024 average forecast for gold to $2,315.

In other precious metals, spot silver eased 0.2 per cent to $28.21 per ounce, platinum climbed 0.9 per cent to $910.50, and palladium fell 0.3 per cent to $930.76.

Attribution: Amwal Al Ghad English, Reuters

Subediting: M. S. Salama