Spot Gold was little changed just below the $3,350 mark on Wednesday, as investors braced for the US Non-Farm Payrolls report on Thursday for more insight into macroeconomic conditions and the Fed’s future interest rate path.
Employers in all sectors of the US economy, excluding farming, probably added 110,000 job positions in June, according to market consensus, following a job growth of 139,000 in May.
Federal Reserve Chair Jerome Powell once again said the central bank planned to “wait and learn more” about the impact of tariffs on inflation before easing monetary policy further, despite President Trump’s demands for immediate rate cuts.
“Gold prices are consolidating after posting the strongest gains in two weeks. The overall trend bias continues to favour the upside for now,” Ilya Spivak, head of global macro at Tastylive, was quoted as saying by Reuters.
“The biggest risk for gold is an unexpectedly strong (NFP)result, but that seems rather unlikely to happen,” Spivak added.
In the meantime, US Senate Republicans narrowly passed the Trump administration’s tax-and-spending bill on Tuesday, which would add $3.3 trillion to the national debt.
And, on the trade front, US President Donald Trump expressed optimism regarding a potential trade deal with India, but he remained skeptical about US-Japan negotiations on trade.
Spot Gold was last down 0.22% on the day to trade at $3,331.53 per troy ounce.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
