Gold lacks momentum as investors cautious ahead of US jobs data
Fed's Daly says rate cuts needed to keep labour market healthy
Traders see 45% chance of 50-basis point Fed rate cut this month
$2,600 viable target for gold before year-end - analyst
Adds comment, graphic and updates prices
By Ashitha Shivaprasad
Sept 5 (Reuters) -Gold was little changed on Thursday as investors kept to the sidelines ahead of U.S. payrolls data that could provide more clues on the size of an expected rate cut this month.
Spot gold XAU= steadied at $2,494.73 per ounce by 0440 GMT. U.S. gold futures GCcv1 lost 0.1% to $2,524.90.
Non-yielding bullion tends to perform well when interest rates are low. It is also considered a hedge against economic and political uncertainties.
Data overnight showed that U.S. job openings dropped to a 3-1/2-year low in July, suggesting the labour market was losing steam, but the reduction on its own is probably not enough to warrant a half-percentage-point rate cut by the Federal Reserve this month.
San Francisco Fed President Mary Daly said that rate cuts were needed to keep the labour market healthy.
Traders raised the odds of a 50-basis-point rate cut on Sept. 18 to 45% from 38%, according to the CME FedWatch Tool. The U.S. non-farm payrolls (NFP) report due on Friday is pivotal for Fed expectations.
If the NFP figures undershoot expectations, it would bring a 50-bp cut back into the picture, likely denting the dollar and boosting gold, said Tim Waterer, chief market analyst, KCM Trade. USD/
"The highs for gold in 2024 may not yet have been reached, with the $2,600 level a viable target before year-end, if the Fed delivers the goods with a succession of quick-fire rate cuts before year-end," said Waterer.
The ADP employment report, a reading on the U.S. services industry, and jobless claims data due later in the day are also on the investors' radar.
"Central banks appear to be key drivers of gold demand over recent quarters," analysts at NAB said in a note. NAB also raised its 2024 average forecast for gold to $2,315.
Spot silver XAG= eased 0.2% to $28.21 per ounce, platinum XPT= climbed 0.9% to $910.50 and palladium XPD= fell 0.3% at $930.76.
Spot gold price in USD per oz https://reut.rs/3AUREVB
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Subhranshu Sahu and Sumana Nandy
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