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Below the daily gold commentary by Mr. Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services

Gold steadied, after declining in the previous eight consecutive sessions, as U.S. bond yields and the dollar stepped back from highs ahead of a keenly awaited non-farm payrolls report this week. Benchmark U.S. 10-year bond yields fell from 16-year highs hovering around 4.7% and the U.S. dollar was 0.1% lower, trading below the 107 mark. A broad selloff in world government bonds on Wednesday drove up U.S. 30-year Treasury yields to 5% for the first time since 2007 and German 10-year yields to 3%, which could hasten a global slowdown and hurt stocks and corporate bonds. On data front, U.S. private payrolls increased far less than expected in September, it was reported at 89k, against the expectations of 153k, markets now await the Labor Department’s more comprehensive and closely watched employment report for September on Friday. The U.S. services sector slowed in September as new orders fell to a nine-month low, while the factory orders was reported better than expectations capping gains for metals on higher side. Focus today will be on, US weekly jobless claims and comments from a few fed officials.

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