Investing.com - Gold prices were trading slightly higher during Thursday's APAC trade, adding 0.4% to 1,827.7 snapping 7 consecutive sessions of decline and retracing 7-month lows. However, prices are set to remain under pressure amid rising long-term bond yields and wariness surrounding the US Federal Reserve's interest rate path.
The US Dollar Index retreated from 11-month highs following weaker-than-expected US employment data on Wednesday, causing 10-year yields to retreat from 16-year highs. Investors will be closely monitoring the bond market, acknowledging its crucial role in shaping financial markets.
The US ISM Services PMI declined from 54.5 to 53.6 in September, aligning with market expectations. The ADP (NASDAQ:ADP) ADP) Employment Change for September saw a rise of only 89,000, falling short of the market consensus of 153,000 and reaching its lowest level since January 2021.
Gold traders are likely to be closely watching the upcoming jobless claims and nonfarm payrolls data due to be released on Friday. Positive figures could trigger further gains in the USD and increase volatility in the bond market.