Gold Holds Near $4,043 as Payrolls Loom

Gold Holds Near $4,043 as Payrolls Loom

Spot gold steadied in early Asian trade on Thursday, rising 0.3% to $4,043.23 an ounce as of 20:40 ET (00:40 GMT). Gold futures, however, fell 0.7% to $4,054.67 per ounce. The metal had previously slipped below the $4,000 level on Wednesday but recovered modestly, remaining above its weakest levels for the year after posting its worst quarterly decline in 13 years during the June quarter.

Other precious metals also steadied after deep losses in the June quarter. Spot silver increased 0.2% to $59.2600 per ounce, and spot platinum rose 0.1% to $1,582.94 per ounce.

Federal Reserve Chair Kevin Warsh signaled on Wednesday that the Fed will firmly pursue its 2 % inflation target, indicating a more hawkish stance that has weighed on gold prices in recent months. Markets are pricing in at least one Fed rate hike in 2026, reflecting growing anxiety over sticky U.S. inflation. High energy prices had driven sharp inflation increases over the past three months, though energy costs have since cooled. Rising chip prices are noted as an additional risk to price pressures.

U.S. non‑farm payroll data for June, due later on Thursday, is expected to influence the Fed’s policy outlook, as inflation and labor‑market strength remain the central bank’s two primary considerations.