Gold edges up from 7-week low; all eyes on Middle East, US economic data
GLD•Spot gold rose 0.7% to $4,143.87 an ounce after hitting its lowest level since August 5, while US gold futures gained 0.2% to $4,175.10. Investors assessed Middle East developments and awaited US economic data.
1. Gold rebounds from low
Spot gold rose 0.7% to $4,143.87 per ounce as of 0708 GMT, after reaching its lowest level since August 5 in the previous session. US gold futures gained 0.2% to $4,175.10.
2. Markets weigh risks
US and Iranian officials separately spoke with mediators in a renewed effort to end seven months of war, while oil prices rose for a second session amid concerns about Middle East supply disruption. Markets priced a 70.3% probability of a Federal Reserve rate hike in October, up from 57.6% a week earlier. Fed Governor Lisa Cook expected continued inflationary pressures in coming months, citing AI-related demand and higher oil prices, but did not say more rate hikes would be needed. US consumer confidence and job openings data were due later in the day, followed by ADP employment, PCE and nonfarm payrolls releases during the week.
