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Gold prices Stable, as Attention Changes to US nonfarm payrolls Information

Gold prices were little changed on Thursday, after an over 1 percent jump in the last session, as investors anticipated more information to estimate the health of the US market.

Spot gold has been stable at $1,498.91 per oz, as of 0410 GMT, while US gold futures were down 0.2percent at $1,504.80 an oz.

The precious metal soared 1.4percent on Wednesday after disappointing hiring by US private companies unnerved investors concerned about slowing growth in the world’s biggest economy.

“Gold is serving as a hedge against volatility in different markets,” explained OANDA analyst Jeffrey Halley.

“With adverse investor opinion on international growth and trade along with the collapse in equity markets instantly we found a trip to safe havens.”

The jobs information comes before the broader US nonfarm payrolls report due on Friday and added into the gloom prompted by a poll that showed production activity in America tumbled to some greater than 10-year low in September.

Asian stocks also slipped Thursday, after a fall in Wall Street, after Washington started a fresh trade war by stating it could impose tariffs about $7.5 billion of products from the European Union.

“Gold prices have rallied strongly as weak economic statistics and economic risks have improved the probability of further rate cuts by the US Federal Reserve,” analysts in ANZ stated in a notice.

“US jobless data on Friday and customer confidence early next week is going to be an integral driver of gold at the brief term.”

Indicative of investor interest, holdings in SPDR Gold Trust, the world’s biggest gold-backed exchange-traded fund, climbed 0.32percent to 923.76 tonnes on Wednesday.

Among other valuable metals, platinum was up 0.1percent at $887.70 percent, while silver climbed 0.2percent to $17.58 an ounce.