Gold firms near 1-month highs

Gold firmed near one-month highs on Thursday to cap this month's losses as the odds of another US interest rate hike were trimmed by data earlier this week pointing to a slowing labor market, while traders keep their eyes peeled for the upcoming inflation reading, reports Reuters.

Spot gold was up 0.1 per cent higher at $1,944.74 per ounce by 1003 GMT, close to its Aug. 2 high of $1,948.79 hit on Wednesday. US gold futures were down 0.1 per cent to $1,971.50.

The US economy grew at a slightly less brisk pace than anticipated in the second quarter, with the rise in private payrolls halving in August from July and job openings hitting a 2-1/2-year low last month.

The weaker-than-expected data "has brought forward the market's belief that we will see peak rates probably sooner than what the Fed would like us to believe," said Ole Hansen, Saxo Bank's head of commodity strategy.

Silver slipped 0.4 per cent to $24.54 per ounce, having climbed to a more than one-month high on Wednesday.

Platinum rose 0.1 per cent to $974.27 as it heads for its second consecutive monthly gain. Palladium climbed 0.4 per cent to $1,227.22, but was set for a 4 per cent monthly fall.