Gold at near 2-week high

Gold prices rose more than 1 per cent to a near two-week high on Wednesday, driven by increased bets for a September interest rate cut by the Federal Reserve after recent U.S. data suggested that the labor market was softening, reports Reuters.
Spot gold was up 1.4 per cent at $2,362.32 per ounce by 10:09 am ET (1409 GMT). US gold futures climbed 1.7 per cent to $2,372.40.
"The precious metals complex, as well as base metals, are rallying across the board on ADP and jobless claims data that reinforces the 'softening economy' narrative which will likely lead to the first rate cut in September," said Tai Wong, a New York-based independent metals trader.
"Bulls are trying to get ahead of what many believe will finally be a weak payrolls report on Friday," he added.
First-time applications for US unemployment benefits increased last week, while the number of people on jobless rolls rose further to a 2-1/2 year high towards the end of June, consistent with a gradual cooling in the labor market.
Elsewhere, spot silver rose 3.4 per cent to $30.52 per ounce, platinum gained 1.8 per cent to $1,008.50 and palladium climbed 2.7 per cent to $1,049.