Gold prices end at highest level in almost 4 weeks

Gold prices closed in the green today, Aug. 30, maintaining an uptrend throughout the current week, supported by the slowdown in the pace of job growth in the US private sector in August.

Bullion for December delivery increased by 0.40%, or $7.9, to $1,973 an ounce, hitting its highest level since Aug. 4.

The ADP report for US jobs showed that the private sector added 177,000 positions in August, compared to the July revised total of 371,000, against expectations for the addition of 200,000 new jobs.

Data released by the Federal Statistics Office today revealed that US GDP grew by 2.10% during the second quarter of the year, as per the revised final reading, after the Q1 growth rate reached 2%.

Markets are awaiting the release of the non-farm payrolls report on Sept. 1, seeking more clues about the future of interest rates, given the importance of growth and employment data in monetary policy decisions.

Chances that the Federal Reserve would fix interest rates at its September meeting rose from 88.5% to 91%, while expectations of stabilization in the November meeting advanced from 52% to 59%, the CME FedWatch Tool indicated.