Gold climbs to $4,437 as dollar, yields retreat ahead of US jobs data

Spot gold rose 2.58% to $4,437.6 an ounce on Thursday, Mettis Global reported, helped by a weaker greenback and falling bond yields. Yields on US Treasuries had come down from several-year peaks, a mix that generally leaves bullion cheaper for buyers using other currencies, according to CNBC. Silver also gained 0.6% to $65.74, platinum advanced 0.6% to $1,770.88, and palladium ended at $1,354.00, up 0.6%.

Traders are now focused on Friday's nonfarm payrolls release, the week's main US labour market gauge. Private employment data from ADP on Wednesday pointed to moderate US job growth in August. CME FedWatch data put the odds of a US rate hike this month at 62%. A separate Federal Reserve report described modest growth, a slight uptick in jobs and moderate price rises, but policymakers are unlikely to take a clear signal from it ahead of their September 15 to 16 meeting on rates.

Gold is generally regarded as a hedge against inflation, although higher interest rates make holding a non-yielding asset more costly. Separately, aides to President Donald Trump are reportedly trying to contain the Iran conflict before November's midterm elections, as they look to limit possible Republican losses at the polls.