Gold lingers near 7-week low ahead of US economic data
GLD•Spot gold rose 0.4% to $4,130.58 an ounce but remained near a more than seven-week low as investors awaited US economic data and assessed expectations for higher interest rates. Markets priced a 72.5% probability of a Fed rate hike in October, up from 57.6% a week earlier.
1. Gold near recent low
Spot gold rose 0.4% to $4,130.58 per ounce as of 0407 GMT, after hitting its lowest level since August 5 in the previous session. US gold futures fell 0.2% to $4,162.20.
2. Rate outlook and data
Markets see a 72.5% probability of a Federal Reserve rate hike in October, compared with 57.6% a week earlier. Fed Governor Lisa Cook expects continued inflationary pressure in coming months from AI-related demand and higher oil prices, but did not say more rate hikes will be needed. US consumer confidence and job openings data were due later Tuesday, with ADP employment, PCE and nonfarm payrolls figures also scheduled this week.
3. Other metals decline
Oil prices rose for a second session amid concern about Middle East supply disruption. Spot silver fell 0.9% to $60.42, platinum slipped 1.3% to $1,697.71 and palladium lost 0.8% to $1,205.27.
