Gold eases as markets weigh Middle East uncertainty, inflation risks
GLD•Other precious metals decline
Among other metals, spot silver XAG= fell 0.8% to $57.18 per ounce, platinum XPT= slid 1.6% to $1,616.42 and palladium XPD= dropped 1.8% to $1,251.16.
Jobs data and central bank buying in focus
Market participants will be closely watching a series of U.S jobs reports this week, including the ADP employement report and the nonfarm payrolls data.
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.
Gold slips as traders watch inflation and Fed path
Aug. 3 (Reuters) - 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 $4,029.84 per ounce by 10:12 a.m EDT (1412 GMT), while U.S gold futures GCcv1 for August delivery dropped 0.5% to $4,029.00.
"Gold has been stuck in a trading range for more than a month now roughly between $4000-$4200. Providing support is the fact that the market could be expecting a resurgence in inflation, especially in July when fresh data will likely reverse much of June's decline," Marex analyst Edward Meir said.
Fed officials and energy prices keep pressure on bullion
Three Fed officials who dissented at last week's policy meeting in favour of a rate hike said on Friday that delaying higher borrowing costs could keep inflation above the Fed's 2% target. New York Fed President John Williams said the central bank was ready to raise rates if inflation pressures did not ease.
