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· Gold prices were little changed on Thursday, following an over 1%jump in the previous session, as investors awaited more data to gauge the health of the U.S. economy.

Spot gold was steady at $1,498.91 per ounce, as of 0410 GMT, while U.S. gold futures were down 0.2% at $1,504.80 an ounce.

· The precious metal jumped 1.4% on Wednesday after disappointing hiring by U.S. private employers unnerved investors already concerned about slowing growth in the world’s largest economy.

· “Gold is clearly being used as a hedge against volatility in other markets,” said OANDA analyst Jeffrey Halley.

“With negative investor sentiment on global growth and trade and the meltdown in equity markets overnight we saw a flight to safe havens.”

· The jobs data comes ahead of the more comprehensive U.S. non farm payrolls report due on Friday and added to the gloom prompted by a survey that showed manufacturing activity in the United States tumbled to a more than 10-year low in September.

The disappointing readings weighed on the dollar, which hit near one-week lows against the euro and yen.

Asian stocks also slipped on Thursday, following a drop on Wall Street, after Washington opened a new trade war front by saying it would impose tariffs on $7.5 billion of goods from the European Union.

· “Gold prices have rallied strongly as weak economic data and geopolitical risks have increased the likelihood of further rate cuts by the U.S. Federal Reserve,” analysts at ANZ said in a note.

“U.S. jobless data on Friday and consumer confidence early next week will be a key driver of gold in the short term.”

· Indicative of investor interest, holdings at SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.32% to923.76 tonnes on Wednesday.

· Gold: 21-day SMA caps nearby upside, $1498/97 question sellers

Gold prices turn choppy inside the $5 range while taking rounds to $1,501.50 during the Asian session on Thursday. The latest recovery has multiple resistances on the upside before restoring investor confidence.

· Gold prices could surge by about 30% to as high as $2,000 per ounce next year, according to David Roche, president and global strategist at Independent Strategy.

The price of spot gold currently stands at around $1,500 per ounce.

“What my gut says is that cause of the vilification of fiat currencies by central bankers, which is set to get worse — not better, people will look for an alternative currency,” Roche told CNBC’s “Squawk Box” on Thursday.

“Gold is a good alternative currency because it’s safe, and because it costs nothing to own it compared to paying negative rates on deposits,” Roche said.

As a result, gold prices will likely touch $1,600 before the end of this year, before moving higher to $2,000 next year, he said.

· Among other precious metals, platinum was up 0.1% at $887.70per ounce, while silver rose 0.2% to $17.58 an ounce.

· Palladium was flat at $1,687.48 per ounce.