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GOLD: Hovering Near All-Time Highs Ahead Of US Payrolls Data

GOLD

Gold is slightly higher in today’s Asia-Pac session, after spot gold rose by 0.8% to $2,516.76/oz yesterday, keeping the yellow metal close to last month’s record high of $2,531.75. 

  • September Fed rate cut pricing again neared 50/50 for 50bp in Fed Funds futures yesterday following weak labour market data, before fading to 40/60.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • ADP reported private US employers added 99k jobs in August. This is the lowest number in more than three years and further signified a cooling labour market.
  • Today’s US calendar will be dominated by payrolls (our preview is here). Later in Friday's session, we will hear from the FOMC's Williams, Goolsbee and Waller who are anticipated to provide a final steer on the rate outlook going into the pre-September meeting blackout starting this weekend.
  • According to MNI’s technicals team, the focus remains on $2,536.4 next, a Fibonacci projection, while initial support is at $2,472.0, the Sep 4 low.
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