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Bookmark* Holdings in SPDR Gold ETF fall 0.2% on Tuesday
* ADP payrolls data due at 1215 GMT (Updates prices)
Aug 4 (Reuters) – Gold edged higher on Wednesday, propped up by a subdued dollar, although prices lingered in a narrow range as investors focused on U.S. jobs data due later this week to gauge economic recovery.
Spot gold rose 0.2% to $1,813.78 per ounce by 0652 GMT, while U.S. gold futures were up 0.1% at $1,816.50.
Gold appears to be in wait-and-see mode, said Jeffrey Halley, senior market analyst for Asia Pacific at OANDA.
“Gold’s price action remains consolidative but structurally positive and I believe that points to further gains ahead. The converging 100- and 200-day moving averages suggest a breakout is coming and Friday’s U.S. data will be a catalyst.”
The National Employment Report by payroll processor ADP, due later in the day, could set the stage for the much anticipated U.S. non-farm payroll numbers on Friday.
The labour market would take time to heal from the effects of the pandemic, and more is needed to be done for the economy to get fully back on track, Federal Reserve officials said on Tuesday.
The dollar was pinned near recent lows against other currencies.
Dovish remarks last week by Fed Chair Jerome Powell on interest rate hikes being “ways away” had sent gold rising more than 1%, while the dollar slipped to a one-month low.
Lower interest rates reduce the opportunity cost of holding non-yielding bullion.
Gold prices are holding well above medium-term technical support levels and could find resistance intraday at $1,816 and then at $1,827, said Nicholas Frappell, global general manager at ABC Bullion.
Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.2% to 1,027.97 tonnes on Tuesday.
Silver gained 0.4% to $25.65 per ounce, platinum fell 0.1% to $1,048.03 and palladium rose 0.2% to $2,653.81. (Reporting by Eileen Soreng in Bengaluru; Editing by Rashmi Aich, Uttaresh.V and Ramakrishnan M.)
