Gold eases as strong US jobs data boosts Fed rate-hike bets
GLD•Other precious metals
Among other metals, spot silver XAG= inched up 0.2% to $66.30 per ounce, platinum XPT= pushed up 0.4% to $1,827.70, and palladium XPD= climbed 0.2% to $1,389.26.
Jobs data and inflation readings in focus
Data last week showed U.S. job growth accelerated sharply in August, while the unemployment rate held steady at 4.1%.
Traders see a 60% chance of an interest rate hike at the central bank's policy meeting next week, according to the CME FedWatch Tool, compared with a probability of 50% before the jobs data was released on Friday.
The U.S. producer price index data is due on Thursday and the consumer price index data is scheduled for the next day.
Gold eases on stronger rate-hike expectations
Sept. 7 (Reuters) - Gold eased on Monday after Friday's robust U.S. jobs report bolstered expectations for a Federal Reserve interest rate hike this month, while investors awaited key inflation data for further clues on the monetary policy outlook.
Spot gold XAU= was down 0.3% at $4,412.73 per ounce by 11:51 a.m. E.T (1551 GMT). U.S. gold futures GCcv1 for December delivery fell 0.4% to $4,458.70, with trading volumes low due to a U.S. holiday.
"Gold and silver have moved in the opposite direction to energy prices, extending their declines after Friday’s strong U.S. jobs report lifted bond yields and reinforced expectations of a Fed rate hike on 16 September," said Ole Hansen, head of commodity strategy at Saxo Bank.
"In today’s session, gold has twice found buying interest below $4,400, well ahead of key support around $4,320, while resistance continues to emerge above $4,500."
