Gold prices jump as US dollar slips from 2-week peak

Gold bars

Gold prices turned higher today, Sept. 2, as the US dollar eased after touching its highest level in two weeks, with investors awaiting the release of the monthly US jobs report and unemployment data this week.

Bullion for December delivery added 0.16, or $4.10, to $2,531.70 per ounce at 11:10 am Makkah time, although spot prices fell 0.18% to $2,498.82 an ounce.

Similarly, silver futures for September delivery shed 0.75% to $28.93 per ounce, in tandem with a 0.16% hike in platinum spot prices to $931.26 an ounce.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.12% to 101.58 points, after touching a two-week high of 101.8 points in early trading.

Investors are awaiting the release of the monthly US jobs report next Friday. Expectations suggest the addition of 164,000 new jobs in August after 114,000 others were introduced in the previous month.

The US unemployment rate reading is also scheduled to be released at the end of this week. Forecasts indicate a slump to 4.2% from 4.3%. Focus is on this data to decide their estimates regarding whether the Federal Reserve will cut interest rates by 25 or 50 basis points at its next September meeting.