The rally followed modest gains on Wednesday, when a weaker dollar supported bullion prices as investors awaited key US labour market data for clues on the Federal Reserve’s interest rate path.
On Wednesday, spot gold rose 0.1% to $4,081.09 per ounce, while US gold futures slipped 0.4%. Investors are closely watching the July non-farm payrolls report due on Friday, along with the ADP employment data, while also tracking developments in the US-Iran conflict and oil prices for their potential impact on inflation and the Fed’s policy outlook.
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