(Bloomberg) -- Gold rose slightly, as the market looks to US labor data this week for clues on how aggressive the Federal Reserve’s imminent rate-cutting cycle will be.

Bullion has traded in a narrow range around $2,500 in recent days. It edged higher Wednesday following a report that showed US job openings fell in July to the lowest since the start of 2021. The figures added to signs of a cooling labor market, bolstering bets for steep rate cuts, which would likely aid gold, as it doesn’t pay interest.

The US nonfarm payrolls report is due Friday. The previous print — one of the weakest since the pandemic — proved crucial after the numbers contributed to August’s global stock rout, dragging down gold as traders covered margin calls.

Bullion has surged more than 20% this year, supported by growing optimism the Fed will pivot to monetary easing. Robust over-the-counter purchases and strong haven demand due to conflicts in the Middle East and Ukraine have also helped the advance.

Spot gold was up 0.4% to $2,506.38 at 8:30 a.m. in London, after peaking at a record $2,531.75 in August. The Bloomberg Dollar Spot Index was steady, following a 0.3% decline in the previous session. Silver and platinum rose, while palladium was little changed.

--With assistance from William Clowes.