Spot Gold peaked at $2,523.45 a troy ounce on Wednesday, advancing the most during European trading hours, as the US Dollar fell in anticipation to the release of first-tier United States (US) data.
XAU/USD Current price: $2,510.25 The US ISM Services PMI showed upbeat output in the sector in August. A weaker United States labor market fueled speculation of a larger interest rate cut. XAU/USD loses near-term bullish strength but holds above $2,500. Spot Gold peaked at $2,523.45 a troy ounce on Wednesday, advancing the most during European trading hours, as the US Dollar fell in anticipation to the release of first-tier United States data.
US indexes are trading mixed, with only the Nasdaq Composite holding in the green. Finally, US Treasury yields remain subdued, with the 10-year and the 2-year note yielding roughly 3.74% each. The market focus now shifts towards the main US employment release, the Nonfarm Payrolls report. The country is expected to have added 160K new positions in August, while the Unemployment Rate is foreseen at 4.2%, easing from the previous 4.3%.
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