Gold inches down from seven-week high, US inflation data in focus
GLD•Other precious metals
Spot silver XAG= rose 0.6% to $63.94 per ounce, while platinum XPT= fell 0.5% to $1,736.20, and palladium XPD= lost 1.5% to $1,357.
Markets await U.S. CPI and PPI data
Data showed the U.S. economy unexpectedly shed jobs in July, while previously reported job gains for the prior two months were revised sharply lower.
Traders are now pricing a 44% chance of a rate hike in September, compared to 57% before the jobs report, according to the CME FedWatch Tool. FEDWATCH
Investors are now awaiting U.S. consumer price data due on Wednesday and producer price data on Thursday for further clues on the Fed's interest-rate outlook.
Economists polled by Reuters expect the July consumer price index to have risen 3.4% year-on-year, compared with 3.5% in June.
"A headline figure below the consensus forecast of 3.4% could further reduce expectations of a Fed rate increase before the end of the year, weakening the dollar and creating upside potential for gold," said Evangelista.
