Gold prices on Wednesday (4/8) had the opportunity to weaken, triggered by market concerns about the increase in COVID-19 cases in the world.

"Today, the spot gold price has the potential to move in the range of US$1,790-US$1,820 per troy ounce," said Commodity Observer Ariston Tjendra in Jakarta.

Explained, market participants are waiting for new sentiment provided by a series of US employment data to be released this week.

The US Central Bank considers labor data to change its monetary policy.

Tonight the private-sector version of the Non-Farm Payrolls workforce data will be released at 19.15 WIB. Better results than market expectations could encourage the strengthening of the US dollar and depress gold prices, and vice versa.

At its last monetary policy meeting, the Fed indicated that good employment data would support tapering policy.