Gold held a decline
before a U.S. nonfarm payrolls report on Friday that could bolster the
case for an interest-rate rise after private jobs data showed an
increase in hiring.
Bullion for immediate
delivery was at $1,115.85 an ounce at 8:45 a.m. in Singapore from
$1,115.09 on Wednesday, when prices fell 1.1 percent to the lowest close
in two weeks, according to Bloomberg generic pricing.
Gold fell for five
straight quarters as the U.S. prepares to raise borrowing costs amid an
improving economy, denting the metal’s appeal because it doesn’t pay
interest. American companies stepped up hiring in September, indicating
the jobs market is standing firm in the face of weaker global demand,
figures from the ADP Research Institute showed Wednesday. Labor
Department data on Friday are projected to show payroll gains
accelerated last month compared with August.
Source: Bloomberg
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