Gold rangebound as investors brace for key US economic data
Perth Mint's gold product sales in Sept. hit 10-month high
Odds for a 50 bps cut reduced to 35% versus with 57% last week
U.S. NFP due on Friday
Adds details, comments and updates prices as of 0333 GMT
By Daksh Grover
Oct 3 (Reuters) -Gold prices were trading in a tight range on Thursday as traders remained on the sidelines ahead of a key U.S. economic data that may provide clues about the size of the Federal Reserve's interest ratecuts expected later this year.
Spot gold XAU= was flat at $2,655.03 per ounce by 0333 GMT. Prices hit a record high of $2,685.42 on Sept. 26.
U.S. gold futures GCcv1 gained 0.2% to $2,675.40.
Gold is consolidating at this point of time but expect prices will retest the all-time high of $2,685 as charts show persistent strong upward trends, said Brian Lan at Singapore-based dealer GoldSilver Central.
Investors are watching out forthe ISM services data and the initialjobless claims, due later in the day, along with the U.S. non-farmpayroll data expected on Friday.
Data on Wednesday showed that U.S. private payrolls increased more than expected in September -further evidence that labourmarket conditions were not deteriorating.
Expectations of another50-basis-points rate cutat the Fed's Novembermeeting have dipped, with markets currently pricing in a36% chance, down from 57% last week, according to CME's FedWatch Tool.
Gold tends to thrive in a low interest rate environment and political turmoil.
"Middle East tensions and U.S. elections will continue supporting bullion in the longer term... In the short-tem, some funds might shift to oil from gold since oil is doing better," Lan added. O/R
Israel bombed central Beirut, killing at least six, after its forces suffered the deadliestday on the Lebanese front in a year of clashes against Iran-backed armed group Hezbollah.
Elsewhere, Perth Mint's gold product sales touched a10-month high in September, while silver sales hit a seven-month high.
Spot silver XAG= fell 0.9% to $31.58, platinum XPT= shed 0.5% to $997.90 and palladium XPD= lost 1.3% to $1,001.80.
Spot gold price in USD per oz https://reut.rs/3ZJO3UI
Reporting by Daksh Grover in Bengaluru; Editing by Alan Barona and Sumana Nandy
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