PRECIOUS METALS-Gold prices rise as the dollar declines, market awaits US economic data

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For Arundhati Sarkar

Aug 4 (Reuters) – Gold prices rose on Wednesday amid a weak dollar, although the advance was contained ahead of US employment reports to be released later this week, seen as critical to policy strategy. monetary policy of the Federal Reserve.

* At 1129 GMT, spot gold was up 0.3% at $ 1,815.40 an ounce, while US gold futures were up 0.2% at $ 1,817.50.

* Gold has very little direction ahead of US employment data, and if US government debt yields remain on their downward path, bullion is likely to return to $ 1,835, said CMC’s Michael Hewson Markets UK.

* The analyst pointed out that if gold prices break the technical resistance of $ 1,835, the metal could rise to $ 1,870.

* The dollar index was trading near its recent lows, making commodities cheaper for holders of other currencies.

* The US non-farm payroll report, released on Friday, could provide investors with clearer signals, following dovish comments from Fed Chief Jerome Powell last week.

* Silver was up 0.7% at $ 25.74 per ounce, palladium was up 0.6% at $ 2,663.31, and platinum was down 0.4% at $ 1,045.40.

(Report by Arundhati Sarkar in Bengaluru; Edited in Spanish by Janisse Huambachano)

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