Ammon News - Gold prices held steady on Wednesday as investors braced for a monthly U.S. payrolls report that could influence how swiftly and deeply the Federal Reserve cuts interest rates this year.

Spot gold held its ground at $2,495.00 per ounce by 0436 GMT. U.S. gold futures rose 0.1% to $2,526.40.

Before the non-farm payrolls report on Friday, job openings data on Wednesday and the ADP employment and jobless claims reports on Thursday will be in focus.

Traders see a 41% chance of a 50-basis-point (bp) rate cut on Sept. 18 and a 59% chance of a 25-bp reduction, according to the CME Group's FedWatch Tool.

Bullion is considered a safe asset during political and economic uncertainty and tends to thrive in a low rate environment.

So far this year, gold has gained 21%, hitting an all-time high of $2,531.60 on Aug. 20.

Spot silver fell 0.1% to $28.02 per ounce.

Platinum gained 0.2% to $905.39 and palladium rose 0.3% to $941.06. The two metals are primarily used in engine exhausts to reduce emissions.

Reuters