Gold was flat in Early Asian trading on Wednesday as investors awaited U.S. jobs data showing a recovery in the labor market, which could influence the Federal Reserve’s plan to scale back its bond-buying program.
Spot gold was flat at $1,809.21 per ounce by 0114 GMT, while U.S. gold futures were down 0.1% at $1,812.50.
The labor market will take time to heal from the effects of the pandemic and more needs to be done for the U.S. economy to get fully back on track, Fed Governor Michelle Bowman said on Tuesday. San Francisco Fed President Mary Daly echoed similar views.
The ADP job data later in the day could set the stage for Friday’s long-awaited U.S. non-farm payrolls data.
The dollar index was up slightly at 92.086.
The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.2% to 1,027.97 tons Tuesday from 1,029.71 tons Monday.
Silver fell 0.2% to $25.50 per ounce and platinum fell 0.4% to $1,045.42.
Palladium was flat at $2,647.96 per ounce after hitting a one-week high of $2,707.28 in the previous session.