Gold holds steady as US payrolls data grabs limelight
U.S. manufacturing contracts at moderate pace in August
Gold likely to scale new highs in longer term - analyst
Bullion up 21% so far this year
Adds comment, graphic and updates prices
By Ashitha Shivaprasad
Sept 4 (Reuters) -Gold prices held steady on Wednesday as investors braced for a monthly U.S. payrolls report that could influence how swiftly and deeply the Federal Reserve cuts interest rates this year.
Spot gold XAU= held its ground at $2,495.00 per ounce by 0436 GMT. U.S. gold futures GCcv1 rose 0.1% to $2,526.40.
Before the non-farm payrolls report on Friday, job openings data on Wednesday and the ADP employment and jobless claims reports on Thursday will be in focus.
Traders see a 41% chance of a 50-basis-point (bp) rate cut on Sept. 18 and a 59% chance of a 25-bp reduction, according to the CME Group's FedWatch Tool.
"If the jobs data is weak, it will increase the probability of a 50-bp cut and raise worries about growth slowdown, which will be supportive for gold," said Kyle Rodda, a financial market analyst at Capital.com.
"But from a technical viewpoint, positioning is a bit too long for gold and this might limit upside," said Rodda, adding that prices were likely to scale new highs in the longer run, even if there was a pullback in the short-term because of positioning.
Data on Tuesday showed that U.S. manufacturing contracted at a moderate pace in August amid some improvement in employment.
Bullion is considered a safe asset during political and economic uncertainty and tends to thrive in a low rate environment.
So far this year, gold has gained 21%, hitting an all-time high of $2,531.60 on Aug. 20.
Spot silver XAG= fell 0.1% to $28.02 per ounce.
Platinum XPT= gained 0.2% to $905.39 and palladium XPD= rose 0.3% to $941.06. The two metals are primarily used in engine exhausts to reduce emissions.
"In Germany, consumers turning away from BEVs (battery electric vehicles) has resulted in about 50,000 additional sales of catalysed vehicles, which will help to improve palladium demand in the short term," analysts at Heraeus said in a note.
Spot gold price in USD per oz https://reut.rs/3MycLiW
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu Sahu
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.