Gold prices ascend ahead of US labor data

Gold bars

Gold prices edged higher today, Sept. 5, ahead of the release of US unemployment claims and private-sector employment data later in the day, amid new indications of a slowdown in the US labor market momentum.

Bullion for December delivery climbed 0.34% to $2,534.70 per ounce at 10:08 am Makkah time, with spot prices also up 0.33%, or $8.12, to $2,503.84 an ounce.

Likewise, silver futures for September delivery nudged up by 0.22% to $28.62 per ounce, in tandem with a 0.47% rise in platinum spot prices to $913.94 an ounce.

Official data released yesterday showed that US job opportunities fell to 7.7 million in July, from a revised June reading of 7.9 million. This came against expectations of an increase to 8.1 million jobs.

This marked the lowest reading to be recorded since January 2021, signaling an alarming stance of a weaker job creation momentum and a market stagnation in the US.

The ADP report on the monthly change in US private sector jobs is due later today. Forecasts suggest the addition of 136,000 new jobs in August, after gaining 122,000 in July.

All eyes are also on the issuance of US initial weekly jobless claims. Estimates indicate a decline to 229,000 applications during the past week, from 231,000 in the week before.