Spot gold fell 0.11% to $1,810.74
Gold prices held steady on Tuesday, while the dollar was also subdued, as investors await US non-farm payroll data due this week.
Spot gold fell 0.11% to $1,810.74 per ounce by 1534 GMT.
Senior officials at the Federal Reserve suggested that it could start to reign in its support for the economy by October if non-farm payroll figures increase, as expected, by between 800,000 and 1m.
“If they come in as strong as the last one, then I think you have made the progress you need,” the Federal Reserve Governor Christopher Waller told CNBC. “If they don’t, then I think you are probably going to have to push things back a couple of months.”
Analysts are expecting the yellow metal to move sideways throughout the week ahead of the announcement of employment figures.
Gold’s underwhelming performance is a reflection of other markets, as the US dollar remains weak, while bond yields are low.
“A larger allocation into gold from investors is unlikely to materialize unless growth assumptions continue to deteriorate, thereby reducing the risk of central bank action,” said Ole Hansen, head of commodity strategy at Saxo Bank to Kitco.
