Gold ticks up after hitting more than 7-week low; US data in focus
GLD•Spot gold rose 0.6% to $4,140.10 an ounce after hitting its lowest level since August 5 on Monday. Investors are watching US employment and PCE data, as well as Federal Reserve policymakers’ remarks, for clues on the rate outlook.
1. Gold edges higher
Spot gold rose 0.6% to $4,140.10 per ounce at 0856 GMT, after reaching its lowest level since August 5 on Monday. US gold futures gained 0.1% to $4,171.60. Gold fell nearly 4% on Monday to as low as $4,110.55.
2. Data and rates in focus
Investors are watching Wednesday’s ADP employment and PCE data, along with remarks from Federal Reserve policymakers. Elevated oil prices can stoke inflation and potentially lead central banks to keep interest rates higher for longer, which tends to weigh on gold. Markets see a 70% probability of a Fed rate hike in October and a 96% chance of an increase in December.
3. Other metals and oil
Oil prices rose for a second successive session amid lingering concern over Middle East supply disruption. Spot silver fell 0.5% to $60.66, platinum slipped 1.7% to $1,688.17 and palladium rose 0.6% to $1,221.87.
