BASICS
* Spot gold was unchanged at $2,494.54 an ounce at 0054 GMT. U.S. gold futures were trading virtually unchanged at $2,524.50.
* Non-interest bearing bullion tends to perform well when interest rates are low. It is also considered a protection against economic risks and Political uncertainties.
* Overnight data showed the U.S. job offers The dollar fell to a 3-1/2-year low in July, suggesting the labor market was losing steam, but the tapering alone is probably not enough to justify a half-percentage point rate cut by the Federal Reserve this month. Traders raised odds of a 50-basis-point rate cut at the Fed’s Sept. 17-18 meeting to 44% from 38%, according to CME’s FedWatch tool. nonfarm payroll data Friday is crucial for Fed expectations* The ADP employment report, a reading on the U.S. services industry and jobless claims data due later in the day are also in focus. * The U.S. central bank should not keep rates too high for much longer or risk doing too much damage to employment, Atlanta Fed President Raphael Bostic said on Wednesday.
* Spot silver fell 0.1% to $28.244 an ounce, platinum gained 0.7% to $908.60 and palladium was steady at $933.75.
* South Korea’s Posco Future said it is suspending a plan to build a new battery materials factory with China’s Zhejiang Huayou Cobalt in South Korea, citing slowing demand for electric vehicles.
DATA/EVENTS (GMT)
0600 Germany Industrial Orders MM July
0600 Germany Manufacturing O/P Cur Price SA July
0600 Germany Consumer Goods SA July
0830 UK S&P Global PMI: MSC Composite – August Release
1230 US Initial Unemployment Filing August 31, Week
1345 US S&P Global Comparison Final PMI for August
1345 US S&P Global Services PMI, end of August
1400 US ISM Manufacturing PMI for August
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