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Gold holds below $4,200 as traders await US nonfarm payrolls
Gold is watching expectations for US Nonfarm Payrolls of 90,000 jobs in September and an unemployment rate of 4.1%, along with wage inflation signals for the Fed.
Gold prices steadied below the $4,200 level in early European trading as investors looked ahead to the next US jobs data, the Nonfarm Payrolls report, according to FXStreet.
The outlet said the market expects the US economy to have added only 90,000 jobs in September, down from 162,000 in the prior month, and that the unemployment rate is expected to remain at 4.1%. It also flagged Average Hourly Earnings as a key gauge of wage inflation that could influence expectations for Federal Reserve policy.
FXStreet added that recent comments from Federal Open Market Committee members indicated they do not see an urgent need for an immediate rate hike after the widely expected quarter point increase at the September meeting.
The article also noted that the Institute for Supply Management reported US manufacturing activity expanded for a ninth straight month in September, while raw material prices rose for a 24th consecutive month.
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