NEW YORK: Gold held steady on Wednesday as safe-haven demand countered a slight recovery in the US dollar while markets await US jobs data and comments from Federal Reserve Chair Jerome Powell for clues on the US central bank’s policy outlook.
Spot gold was steady at $2,644.48 an ounce by 1100 GMT. US gold futures were down 0.1% at $2,666.30. The dollar index reflected strength that makes dollar-priced bullion costlier for buyers with other currencies.
“Gold prices have been weighed down by the stronger dollar narrative, though still supported by safe-haven bids, in light of the latest bouts of political turmoil in South Korea and France,” said Exinity Group Chief Market Analyst Han Tan.
South Korean lawmakers urged President Yoon Suk Yeol to resign or face impeachment after he briefly declared and then reversed martial law, sparking a political crisis.
France’s government, meanwhile, faces likely collapse as far-right and left-wing parties filed no-confidence motions against Prime Minister Michel Barnier. Elsewhere, traders await the US ADP employment report due at 1315 GMT alongside Powell’s speech. Friday’s monthly payroll data and next week’s CPI data are also on investors’ radar.
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