Gold eases from seven-week peak, US inflation data looms
GLD•Gold slips as traders take profits
Gold slipped on Monday as investors took profits after prices hit a seven-week high in the previous session, while markets looked to U.S. inflation data for fresh clues on the Federal Reserve's interest rate path.
Spot gold XAU= was down 0.3% at $4,330.46 per ounce, as of 0443 GMT. Prices hit their highest since June 17 on Friday after weak U.S. nonfarm payrolls data.
U.S. gold futures GCcv1 fell 0.2% to $4,390.60 on Monday.
"Gold is edging slightly lower as it succumbs to some profit-taking following last week's strong NFP-inspired gains. This looks like a natural stabilisation rather than a meaningful shift in sentiment - I expect gold to remain supported above the $4,300 level in the near term," said Tim Waterer, chief market analyst at KCM Trade.
Other precious metals and geopolitics
On the geopolitical front, Iran said it was nearing a final pact with Oman defining new shipping lanes between them through the Strait of Hormuz but repeated that the U.S. must meet several conditions before the strategic waterway is reopened.
Spot silver XAG= rose 0.3% to $63.77 per ounce and platinum XPT= gained 0.2% to $1,748.80, while palladium XPD= slipped 1% to $1,364.55.
Inflation data and Fed expectations in focus
Data showed the U.S. economy unexpectedly shed jobs in July and previously reported job gains for the prior two months were revised sharply lower.
