Gold prices held steady on Thursday and the U.S. dollar lost ground, as weak U.S. services and private payrolls data released overnight added to recent worries about slowing growth.
Spot gold inched up 0.1 percent to $1,291.11 per ounce while U.S. gold futures were little changed at $1,295.65 an ounce.
U.S. services sector activity hit a more than 19-month low in March and private payrolls grew less than expected, helping fuel concerns about the state of the world’s largest economy.
The U.S. Bureau of Labor Statistics will publish data on payrolls, wages, and joblessness for the month of March tomorrow.
U.S. employment is expected to jump by 180,000 jobs in March after inching up by just 20,000 jobs in February. The unemployment rate is expected to hold at 3.8 percent.
Investors also keep an eye on the latest Brexit developments and ongoing U.S.-China talks for further direction.
After U.K. lawmakers approved a bill forcing Prime Minister Theresa May to ask for a Brexit delay, the government and the main opposition are expected to hold further crisis talks today.
White House economic adviser Larry Kudlow said Wednesday the U.S. and China hope to get closer to a trade deal this week.
President Donald Trump is due to meet with Chinese Vice Premier Liu He in Washington today.
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Gold Holds Steady As Dollar Eases