Gold eases as markets weigh Middle East uncertainty, inflation risks
GLD•Energy prices, geopolitics and jobs data in focus
Brent futures LCOc1 jumped more than 20% last month after fighting between the U.S. and Iran resumed and attacks on several tankers around Oman heightened security concerns. O/R
Higher energy prices reinforce expectations that the Fed will keep interest rates higher for longer to combat inflation, weighing on non-yielding gold.
Iran said on Monday there were no talks under way with the U.S. and no plans for any meetings, contradicting President Donald Trump who had cited talks he said would take place as justification for calling off attacks.
Market participants will be closely watching a series of U.S. jobs reports this week, including the ADP employment report and the nonfarm payrolls data.
South Korea central bank to buy gold; other metals lower
Elsewhere, South Korea's central bank will buy gold from local producers to diversify its sources of supply and increase its holdings of the precious metal, it said on Monday.
Among other metals, spot silver XAG= was steady at $57.63 per ounce, platinum XPT= slid 1.6% to $1,615.25, and palladium XPD= dropped 1.7% to $1,252.62.
Gold edges lower as traders watch inflation and Fed outlook
Gold edged lower on Monday as uncertainty over the war in the Middle East and concerns over rising inflation lingered, with markets also watching a slew of job reports this week to gauge the U.S. Federal Reserve's policy path.
Spot gold XAU= fell 0.3% to per ounce by 2:00 p.m. EDT (1800 GMT), while U.S. gold futures GCcv1 for August delivery settled 0.4% lower at .
