Gold stood above two-month lows touched in the prior session as investors waited for US nonfarm payroll numbers later this week for clues on the timing of a Federal Reserve rate hike, but the bullion was on track for its first monthly decline since May.
Spot gold was up 0.1 percent at $1,312.55 per ounce at 0654 GMT on Wednesday. The metal fell 1 percent to $1,308.65 on Tuesday, its lowest since June 28. Gold was heading for a drop of 2.8 percent in August. US gold futures were mostly unchanged at $1,315.50. "There is some buying today ... people are taking the view that gold is going to fluctuate within a tight range prior to a strong signal from the Fed," said Richard Xu, a fund manager at HuaAn Gold, China's top gold exchange-traded fund (ETF).