Gold prices edged up but traded in a relatively tight range on Thursday as traders squared positions before the U.S. jobs data that could influence the Federal Reserve’s monetary policy path.
Spot gold was up 0.2% at $1,817.76 per ounce, as of 1232 GMT, after hitting its lowest since Feb. 28 on Wednesday.
The dollar index slipped 0.3% after hitting a three-month high in the previous session. A weaker greenback tends to make bullion a more attractive bet.
U.S. gold futures firmed 0.2% at $1,822.40.
Gold is slightly up as people are buying on the price dip, but things are not looking terribly encouraging for gold with the prospect of higher for longer rates, independent analyst Ross Norman said.
On Wednesday, Fed Chair Jerome Powell reaffirmed his message of higher and potentially faster interest rate hikes, but emphasized that debate was still underway with a decision hinging on data to be issued before the U.S. central bank’s policy meeting in two weeks.
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