Gold edged lower on Thursday and the dollar ticked up as investors await key U.S. economic data that could set the tone of U.S. monetary policy.

Spot gold dipped 0.8 percent to $1,893.11 per ounce, after having hit its highest level since Jan. 8 at $1,916.40 on Tuesday. U.S. gold futures were down 0.8 percent at $1,895.15 per ounce.

U.S. ADP private payrolls data for May along with the weekly jobless claims for the week ended May 29 and ISM services PMI for May will be released in the New York session.

Investors also look ahead to Friday’s U.S. jobs report for further clues about the economic recovery and the interest rate outlook.

Economists expect the report to show employment jumped by 664,000 jobs in May after climbing by 266,000 jobs in April. The unemployment rate is expected to dip to 5.9 percent from 6.1 percent.

Fed officials, led by Chair Jerome Powell, have said repeatedly they expect price pressures to be transitory and monetary stimulus to stay in place for some time.

The material has been provided by InstaForex Company –


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