Gold prices moved higher on Thursday as weaker-than-expected U.S. private sector employment data increased expectations that the Federal Reserve could ease monetary policy in the future.
Spot gold rose 0.7% to $4,057.92 per ounce by 02:51 GMT (05:51 a.m. Baghdad time), after reaching its highest level since June 23 during the previous trading session.
At the same time, U.S. gold futures for August delivery slipped 0.3% to $4,070.10 per ounce.
The precious metal also found support from lower oil prices and growing investor caution ahead of the release of the closely watched U.S. jobs report, which could provide fresh signals about the Federal Reserve’s next policy moves.
On Wednesday, gold prices traded near their lowest level in more than seven months before reversing course and closing higher at $4,029.89 per ounce. The rebound came after U.S. private sector employment figures came in below market expectations, raising hopes that interest rate pressures may ease in the months ahead.
Investors are now focused on upcoming labor market data for further insight into the strength of the U.S. economy and the likely direction of Federal Reserve policy.
