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Gold holds monthly drop as payrolls in focus for data-driven Fed
[SINGAPORE] Gold held last month's decline as investors await US jobs data due Friday for further clues on the timing of an interest rate increase.
Bullion for immediate delivery was little changed at US$1,309.70 an ounce at 9:15am in Singapore, according to Bloomberg generic pricing. The metal dropped to US$1,304.29 on Wednesday, the lowest level since June 24, and lost 3.1 per cent in August.
Gold's gains in 2016 have been dented after Federal Reserve officials indicated a greater likelihood of further monetary tightening before the end of the year.
Traders will scrutinise Friday's nonfarm payrolls report in light of Fed Vice Chairman Stanley Fischer'scomments on Tuesday that the central bank will base decisions at its Sept 21 meeting on economic data.
Companies added workers to US payrolls in August in line with projections, contributing to signs of a steady labour market, data from ADP Research Institute showed Wednesday.