Price movements
Spot gold rose 0.1 percent to $2,494 an ounce by 15:35 GMT, recovering from a two-week low of $2,471.80 hit earlier in the session.
US gold futures also rose 0.1 percent to $2,525.70.
Data showed that job opportunities in the United States fell to their lowest level in three and a half years in July.
This has reinforced traders’ speculation that the Federal Reserve will cut interest rates by 50 basis points during its meeting scheduled for September 17-18.
Peter A. Grant, vice president and chief metals strategist at Zaner Metals, said markets are pricing in a 100 basis point rate cut by the end of the year, which would mean a 50 basis point rate cut at one of the next three meetings of the Federal Open Market Committee (FOMC), the central bank’s decision-making body, but it is unlikely to be the first.
Low interest rates would support the trend towards holding non-yielding gold.
As for other precious metals, silver rose in spot transactions by 0.5 percent to $28.19 per ounce.
Platinum also rose 0.7 percent to $909.57, while palladium fell 0.1 percent to $937.25.
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