Gold held steady around $4,470 per ounce on September 4, trading in a narrow range between $4,469 and $4,477 as operators awaited the August US nonfarm payrolls report. This report, expected to show between 56,000 and 65,000 jobs added with an unemployment rate between 4.1% and 4.2%, could reshape Federal Reserve rate-hike expectations. The ADP private payrolls report for August showed only 38,000 jobs added, the weakest monthly gain since January, missing the 47,000 consensus estimate by a wide margin. The odds of a rate increase at the September 15-16 Federal Open Market Committee meeting are estimated at roughly 50% according to the CME FedWatch Tool, which could amplify volatility around the release.
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