Gold's recent narrow trading range shows slight gains as investors prepare for key economic data releases, particularly the August ISM Manufacturing PMI, which may impact market volatility.
Weaker PMI data could trigger concerns about US economic stability, leading to a weaker dollar and a potential rise in gold prices as investors seek safe-haven assets.
Central bank demand, geopolitical tensions, and fears of economic issues in China could further support gold prices, especially with the upcoming US elections adding uncertainty.
With the labor market data release on Friday, speculation suggests a preference for a 25 basis point rate cut, which could significantly sway gold price movements.
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