Gold little changed as markets await key US inflation data
GLD•Upcoming data calendar
| TIME (GMT) | EVENT |
|---|---|
| 0600 | Germany Industrial Output MM Jul |
| 0600 | Germany Industrial Production YY Jul |
| 0600 | UK Lloyds House Prices MM, YY Aug |
| 0645 | France Reserve Assets Total Aug |
| 0900 | EU GDP Revised QQ, YY Q2 |
Gold steady ahead of inflation reports
Sept. 7 (Reuters) - Gold was little changed on Monday as market participants awaited key U.S. inflation data due later this week for further clues on the Federal Reserve's interest rate path.
- Spot gold XAU= was almost unchanged at $4,424.40 per ounce, as of 0025 GMT. U.S. gold futures GCcv1 for December delivery were down 0.1% at $4,471.60.
Rate expectations and broader metals market
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Data on Friday showed U.S. job growth accelerated sharply in August while the unemployment rate held steady at 4.1%, suggesting an improvement in the labour market after recent struggles and keeping a rate increase this month on the table. Gold prices slipped after the data.
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Traders are pricing in a 58% chance of a rate hike at the Fed's Sept. 15-16 meeting, CME's FedWatch tool showed.
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While gold is typically viewed as an inflation hedge, higher interest rates tend to weigh on the appeal of non-yielding bullion.
