Gold edged off the session low following solid but unspectacular US employment data.
Gold for December delivery on the Comex division of the New York Mercantile Exchange was last down $3.90 or 0.3 percent to $1,135.90 per ounce. Trade has ranged from $1,134.90 to $1,141.90.
US non-farm employment change in August showed the world’s largest economy added 190,000 private sector jobs, missing the forecast of 204,000. The figure is the strongest since June, but is down year-over-year for the seventh straight month.
“Recent global financial market turmoil has not slowed the US job market, at least not yet,” Mark Zandi, chief economist of Moody’s Analytics, said. “Job growth remains strong and broad-based, except in the energy industry, which continues to shed jobs.”
The ADP figure precedes the US job’s report scheduled for release on Friday. A positive number could reignite speculation of a September rate hike by the Federal Open Market Committee (FOMC).
Meanwhile, outflows from gold ETFs accelerated – holdings in the funds tracked by FastMarkets have fallen to 1,531.15 tonnes.
In additional data from the US, revised non-farm productivity, unit labour costs, factory orders, crude oil inventories and the Beige Book are due later this afternoon.
Yesterday, annualised US vehicles hit 17.8 million units for August as customers have flocked to dealerships nationwide the entire summer.
Turning to wider markets, Germany’s DAX and France’s CAC-40 were up 0.4 percent and 0.3 percent respectively, while the euro was 0.7 percent softer at $1.1238 against the dollar.
Chinese markets will be closed on September 3-5 to mark the 70th anniversary of allied victory over Japan in World War II.
As for other precious metals, Comex silver for December settlement was last down 10.0 cents to $14.520. Trade has ranged from $14.455 to $14.615.
Platinum for October delivery on the Nymex fell 50 cents to $1,007.90 per ounce, while the most-actively traded palladium contract was at $577.65, down $1.55.
(Editing by Tom Jennemann)
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