Gold lingers near seven-week low ahead of US economic data
GLD•Gold was little changed at $4,124.57 an ounce after hitting its lowest level since August 5, as investors weighed expectations for higher US interest rates and awaited economic data. US gold futures fell 0.3% to $4,156.70.
1. Gold near recent low
Spot gold was little changed at $4,124.57 per ounce as of 0140 GMT, after reaching its lowest level since August 5 in the previous session. US gold futures fell 0.3% to $4,156.70.
2. Rates and inflation concerns
Markets see a 70.3% probability of a Federal Reserve rate hike in October, according to the CME's FedWatch Tool. Fed Governor Lisa Cook expects continued inflationary pressure in coming months from AI-related demand and higher oil prices, but did not say further rate hikes will be needed.
3. Data and other metals
Investors are watching for US job openings, ADP employment, PCE figures and nonfarm payrolls due this week. Silver fell 0.6% to $60.62 an ounce, platinum slipped 1% to $1,699.86, and palladium lost 0.5% to $1,209.08.
