The gold commodity continued to trade steady as investors awaited a major U.S. jobs report for clues as to when the Federal Reserve (Fed) will begin reducing its asset purchases.
In the Asian session, spot gold traded hovering around $ 1,813 an ounce, holding around a four -week high. Gold futures were down slightly at $ 1,815 an ounce.
Gold continued to gain strength with support from weak US dollar trading, making it cheaper for holders of other major currencies.
U.S. consumer confidence fell to a six-month low in August as concerns about an increase in Covid-19 infections and higher inflation dampened economic prospects.
In addition, the price strengthening was also supported by European Zone inflation data which jumped to a 10 -year high in August with further gains in the future, which will certainly challenge the European Central Bank's (ECB) view on inflation risks considered temporary.
Meanwhile, a reading of US NFP employment data on Friday, is expected to help show the Fed’s stance on their monetary policy after Chairman Jerome Powell failed to do so at the Jackson Hole conference last week.
