COMEX gold was slightly submerged Thursday morning, struggling to paddle in place before Fridays July US unemployment report, which could influence the Federal Reserves decision next week on raising interest rates again.
An 11,000 drop in weekly unemployment claims Thursday morning underpinned the dollar and helped block gold's path to higher ground. But traders seemed content to sit on their hands for another day.
"Were all waiting for the number tomorrow to see what gives," said a floor broker.
At 9:26 am EDT (1326 GMT), December gold was off 70 cents at $394.00 an ounce, trading in a tight band between $395.90 and $393.60.
Market perceptions of heightened security risk in the run-up to the US election in November, especially before the Republican Party convention starts later this month in New York City, have prevented gold from losing too much ground. The safe-haven metal seems entrenched in a $390 to $400 range.
Spot gold was quoted at $391.20/1.70, down from the close at $391.70/2.20. Thursdays morning fix in London was at $391.80.
COMEX September silver was off 3.7 cents at $6.70 an ounce, trading from $6.64 to $6.75. Spot silver was at $6.65/68, down from $6.68/70 last night. The fix was $6.64.
NYMEX October platinum was down $3.20 at $828.00 an ounce. Spot platinum was quoted at $825.00/830.00.
September palladium slipped $4.45 to $214.00 an ounce. Spot palladium last fetched $213.00/218.00.