Gold prices rose on Thursday, buoyed by a weaker dollar and lower U.S. Treasury yields.
Investors are awaiting the release of U.S. nonfarm payroll data to gauge the Federal Reserve’s stance on interest rates.
Spot gold rose 0.5% to $4,409.97 per ounce, after hitting its lowest level in about a month during the previous session.
Similarly, U.S. gold futures rose 0.9% to $4,455.30.
The rise in gold prices came as the dollar came under pressure, coinciding with a decline in U.S. Treasury yields.
The weakness of the U.S. currency makes dollar-denominated metals less expensive for holders of other currencies.
The U.S. jobs report is scheduled for release tomorrow, Friday.
The report is expected to influence the likelihood of an interest rate hike in September.
According to the “Fed Watch” tool, markets estimate the probability of a rate hike this month at about 62%.
Analysts believe that if employment data comes in below expectations, it could give gold an additional boost.
If the price stabilizes above the $4,400 level, it could head toward $4,500, then $4,700.
In the precious metals market, silver rose to $65.74, platinum to $1,770.88, and palladium to $1,354.
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