Gold prices rose during trading on Wednesday, supported by a decline in the US dollar, with the pair trading near $5103 per ounce, up nearly 1.45%, as markets focused on the delayed US jobs report (NFP).
The January employment report is due to be released at 13:30 GMT, having been delayed due to the partial US government shutdown. Forecasts indicate the addition of approximately 70,000 jobs in January, compared to 50,000 in December. Average hourly earnings are expected to rise by 0.3% month-on-month and 3.6% year-on-year, with the unemployment rate remaining steady at 4.4%.
The report could provide a new direction for gold prices, as any negative surprise in employment or wage data would reinforce expectations that the Federal Reserve would resume cutting interest rates sooner, which could increase pressure on the dollar and support the non-yielding metal.