(Bloomberg) -- Gold fell ahead of US employment data due later this week that may influence the Federal Reserve’s rate-cutting path.

Bullion traded below $2,500 an ounce after falling for the previous two sessions. Nonfarm payrolls data due Friday may provide insights into the Fed’s path forward for widely expected rate cuts. Lower rates are often seen as bullish for non-interest bearing gold.

“Gold stands out as the commodity where we have the highest confidence in near-term upside,” Goldman Sachs Group Inc. said in a report dated Sept. 2. The bank maintained its $2,700 an ounce target for early 2025.

Bullion is up more than 20% this year. Along with expectations of rate cuts, it’s been supported by central-bank buying and haven demand given conflicts in the Middle East and Ukraine
Spot gold was 0.9% lower at $2,476.98 an ounce by 10:23 a.m. in New York. The Bloomberg Dollar Spot Index rose while US 10-year Treasury yield slipped
Palladium, platinum and silver all fell
--With assistance from Yvonne Yue Li.