Gold wavers with US investors out for Labor Day – MarketWatch






















Gold futures swung between small gains and losses on Monday, as investors struggle to find trading clues with most U.S. markets closed for the Labor Day holiday.

Market participants also cautiously waited for the closely watched the Federal Reserve meeting next week.

Gold for December delivery












GCZ5, -0.09%










 slipped 60 cents, or 0.1%, to $1,120.80 an ounce, building on a 1.1% loss from last week. The contract shaved off $3.10 on Friday after the monthly U.S. nonfarm payrolls report offered a mixed picture of the health of the country’s labor market, with 173,000 jobs added to the economy in August.

“The much awaited payrolls number failed to bring more clarity for market participants regarding what the Fed would do next week. The market’s ambivalence is reflected by gold prices lingering around the mid-point of the move in August, very close to the 50-day moving average,” strategists at UBS said in a note.

“In a sense, gold is currently in no-man’s land and investors are understandably hesitant to put on sizable positions ahead of the FOMC meeting next week,” they added.

UBS, however, maintained its house view that the U.S. economy is strong enough for the Fed to start raising interest rates at its Sept. 16-17 meeting.

In other metals, silver for December












SIZ5, -0.23%










 was flat at $14.55 an ounce, while high grade copper for the same month












HGZ5, +1.77%










 added 4 cents, or 1.9%, to $2.36 a pound.

October platinum












PLV5, +0.09%










 slipped 10 cents to $992.30 an ounce, while December palladium












PAZ5, +0.37%










 added $2.50, or 0,4%, to $579.65 an ounce.

Trading in gold and other metals ends at 1 p.m. Eastern Time on Monday for the Labor Day holiday. U.S. stock markets are closed for trading all day.