Gold Stable as Investors Await US Jobs Data

Gold prices stabilized as investors held off large bets in anticipation of a US non-farm payrolls reading seen as critical to the schedule for the Federal Reserve’s tapering of stimulus.

There was little change in gold in spot trading at $1814.58 an ounce by 0646 GMT, while gold was trading stable in futures trading in the United States at $1816.50.

While US jobless claims data is due by 12:30 GMT later today, the Labor Department will publish the August non-farm payrolls report on Friday.

And 80 economists polled by Reuters expect jobs added in August to average 728,000.

And Jerome Powell, Federal Reserve Chairman, said last week that the recovery of the labor market will determine when the US central bank will start reducing its purchases of assets.

Gold is seen as a hedge against inflation and currency instability caused by large stimulus measures.