Gold holds near seven-week low, US economic data on tap
GLD•Gold was little changed at $4,123.29 per ounce, near a more than seven-week low, as investors awaited US economic data and weighed the prospect of higher interest rates for longer. Markets saw a 70.3% probability of a Fed rate hike in October.
1. Gold steadies near low
Spot gold was little changed at $4,123.29 per ounce as of 0038 GMT, after reaching its lowest level since August 5 in the previous session. US gold futures fell 0.3% to $4,155.50.
2. Rates and data in focus
Concerns that the Federal Reserve may keep interest rates higher for longer weighed on gold, which tends to struggle in a high-rate environment as investors favor yield-generating assets. Markets saw a 70.3% probability of an October rate hike, while investors awaited US job openings, ADP employment, PCE figures and nonfarm payrolls.
