Gold hits over two-week low, US jobs data in focus
GLD•Other precious metals
Among other metals, spot silver XAG= gained 0.1% to $64.31 per ounce, platinum XPT= edged 0.2% lower to $1,736.93 and palladium XPD= fell 0.2% to $1,308.25.
| DATA/EVENTS (GMT) | |
|---|---|
| 1400 | US Factory Orders MM Jul |
Gold steadies after hitting a more than two-week low
Gold hit a more than two-week low on Wednesday, pressured by higher U.S. Treasury yields and a firmer dollar, as investors awaited U.S. jobs data for clues on the interest-rate path.
- Spot gold
XAU=steadied at $4,333.49 per ounce by 0017 GMT after hitting its lowest since August 14 earlier. Prices were trading below their 200-day moving average. - U.S. gold futures
GCcv1for December delivery fell 0.4% to $4,380.40. - The U.S. dollar held firm, making the greenback-priced metals costlier for buyers using other currencies.
- U.S. Treasury yields advanced amid the escalating Middle East conflict and worries about rising inflation.
- Although gold is an inflation hedge, higher interest rates weigh on its appeal as it offers no yield.
