Gold prices remained unchanged near a two-week high on Thursday as softer-than-expected US economic data fueled expectations of interest rate reduction as early as September. Spot gold rose 0.1% to $2,358.19 per ounce, after reaching its highest level since June 21 on Wednesday. Bullion prices rose more than 1% in the previous session following a disappointing services data and an ADP jobs report on Wednesday, which showed a slowing US economy. Traders are currently pricing in about a 73% chance of a rate cut in September, which reduces the opportunity cost of holding non-yielding gold. The market is closely watching the U.S. nonfarm payrolls report, which is due later in the day. The U.S. dollar was on track for a weekly decline, making dollar-priced bullion more attractive to buyers holding other currencies. Economic data on Wednesday, including weak services and ADP employment reports, pointed to a slowing U.S. economy. A separate report showed an increase in initial applications for U.S. unemployment benefits last week. Traders are currently pricing in about a 73% chance of a Fed rate cut in September, according to CME FedWatch Tool. Spot silver rose 0.4% to $30.53, heading for its best week since May 17. Platinum fell 0.3% to $999.86, while palladium gained 0.4% to $1,021.75, with both metals set for weekly gains. Gold prices are set for a second straight weekly gain, with spot gold rising 0.3% to $2,363.19 per ounce and US gold futures gaining 0.1% to $2,372.60. The US dollar is on track for a weekly decline, making gold more attractive to buyers holding other currencies. Traders are awaiting US employment data to gauge the potential interest rate cuts by the Federal Reserve. If the jobs data misses the mark on the lower side, investors may expect a September rate cut, which could push gold to the $2,400 level. Traders are currently pricing in a 73% chance of a Fed rate cut in September. Lower interest rates reduce the opportunity cost of holding non-yielding gold. Analysts at NAB expect gold prices to average around $2,200 per ounce in 2024 before easing to $2,050 in 2025. Spot silver rose 0.5% to $30.56 and platinum fell 0.3% to $999.64. Palladium gained 0.5% to $1,022.25. [957e1762] [70e05b53] [95adc03b] [722e73bb] [c7135d67] [bb10cf19]