US ADP employment report due at 1315 GMT
Longerterm bullish trend for gold remains intact analyst
Spot gold may test support at 2,621 technicals

Dec 4 Reuters Gold prices edged up on Wednesday helped by safehaven demand, while markets awaited U.S. jobs data and comments from Federal Reserve Chair Jerome Powell for cues on the U.S. interest rate cut trajectory.

Spot gold rose 0.2 to 2,649.09 per ounce, as of 0555 GMT. U.S. gold futures added 0.1 to 2,671.20.

Gold has appreciated slightly on safehaven buying because of the geopolitical tensions rising in South Asia and the Eurozone, said Jigar Trivedi, a senior analyst at Reliance Securities.

Gold is often seen as a safehaven asset during times of economic or political uncertainty.

The U.S. ADP employment report is due at 1315 GMT, ahead of the payrolls report on Friday. Powell is also scheduled to speak later in the day in what is expected to be his last public remarks before the Fed39;s December meeting.

Meanwhile, data on Tuesday showed that U.S. job openings increased moderately in October while layoffs declined. A strong jobs report could lead the Fed to be cautious about cutting rates.

According to the CME Group39;s FedWatch Tool, traders see about a 73 chance of a 25basispoint reduction by the Fed this month, with 80 bps of cuts expected by the end of 2025.

Nonyielding bullion thrives in a lowinterestrate environment.

The longerterm bullish trend for gold remains intact amid rising trade tensions and…