Gold prices rose more than 2% ‌on Wednesday after softer-than-expected jobs data and comments from Federal Reserve Chair Kevin Warsh that suggested inflation ​risks have eased.

Spot gold rose 2.1% to $4,089.49 per ounce by 0955 a.m ET (1355 GMT) after hitting its ​lowest level ​since November in the previous session. The yellow metal logged a quarterly loss on Tuesday.

U.S gold futures for August delivery gained 1.6% to $4,103.10.

"Gold is ⁠seeing a nice bounce this morning; a lower-than-expected ADP print helped set the stage and Fed chair Warsh's comments on inflation coming down has pushed yields lower and jolted a sleepy gold market smartly higher," Tai Wong, an independent metals trader, said.

"Gold may have ​carved out ‌at least a ⁠short-term base unless we ⁠get a blowout payrolls report tomorrow," Wong added.

Ahead of Thursday's non-farm payrolls report, the ​ADP national employment report showed private employment rose by 98,000 jobs ‌last month after an unrevised 122,000 advance in May. ⁠Economists polled by Reuters had forecast private employment increasing by 118,000.

Meanwhile, Warsh said that inflation expectations and inflation risks have come down in recent weeks, even as he repeated the Fed is committed to bringing inflation down to its 2% goal.

While gold is typically seen as a hedge against inflation, higher interest rates tend to diminish the non-yielding metal's appeal.

Traders are currently pricing in about a 67% chance of an interest rate hike for September, according to the CME FedWatch Tool. On ‌the geopolitical front, the U.S and Iran held technical talks ⁠in Doha on Wednesday as they sought to agree ​on the flow of shipping through the Strait of Hormuz and secure a lasting ceasefire, an Iranian official said.

Among other metals, spot silver added 2.8% to $60.24 per ounce, and palladium ​firmed 1.6% ‌to $1,223.68.

Platinum rose 3.1% to $1,599.36, after hitting its lowest point since ⁠November earlier in the session.

(Reporting by ​Sukanya Mitra and Ashitha Shivaprasad in Bengaluru; Editing by Diti Pujara)