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Gold Surges in Asian Trade on Fed Rate Hike Relief,...

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Gold prices in early Asian trading have risen due to reduced concerns about another rate hike by the U.S. Federal Reserve. This shift in sentiment is attributed to several factors, including the downward revision of second-quarter U.S. GDP growth and a report from ADP indicating that the largest economy in the world added the fewest jobs in five months during August. ANZ analysts noted in a research report that this seemingly negative news had a positive impact on the market, leading to increased risk appetite across various commodities.

Furthermore, the U.S. dollar, which had initially gained ground, reversed its trajectory, and U.S. Treasury yields experienced a decline. It's worth noting that bond yields and bond prices move inversely, and the drop in yields tends to enhance the attractiveness of gold, a non-interest-bearing asset. Consequently, spot gold is currently trading 0.2% higher at $1,945.37 per ounce.

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* Bullion is poised for an almost 1% monthly decrease, with the U.S. dollar heading for its first monthly gain in three months and U.S. Treasury yields marking their fourth consecutive monthly increase, reaching levels not seen since 2007 last week.

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* The second-quarter U.S. economic growth was revised slightly lower than initially estimated. Investors are currently anticipating the release of PCE inflation data later today, with the non-farm payrolls report scheduled for Friday.

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The data unveiled earlier this week revealed that the second-quarter U.S. economic growth was slightly less robust than initially anticipated. Additionally, U.S. job openings in July plummeted to their lowest point in nearly 2.5 years, signifying a gradual deceleration in the labor market.

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