Commodity Update – Gold

Gold prices remained steady on Thursday as investors awaited the release of the U.S. Non-Farm Payrolls (NFP) data due on Friday, which is expected to provide further clarity on the Federal Reserve’s interest rate path. Meanwhile, global trade tensions continue to escalate.

Despite trading in a sideways range, gold appears to be on a path of least resistance to the upside. However, this subdued movement likely reflects a “wait-and-watch” approach by traders ahead of the key jobs data.

Wednesday’s ADP National Employment Report showed that U.S. private payrolls grew much less than expected in May. Attention is now focused on the more comprehensive Non-Farm Payrolls report due Friday. According to a Reuters survey of economists, the report is expected to show an increase of 130,000 jobs in May, following a rise of 177,000 in April.