Gold ticks up on softer dollar, focus on US jobs data
GLD•Other precious metals
Among other metals, spot silver XAG= gained 0.2% to $59.61 per ounce, platinum XPT= fell 0.2% to $1,732.00, while palladium XPD= lost 0.4% to $1,348.00.
Upcoming data and events
| DATA/EVENTS (GMT) | |
| 0145 | China RatingDog Services PMI Jul |
| 0750 | France S&P Services, Composite PMI Jul |
| 0755 | Germany S&P Services, Composite Final PMI Jul |
| 0800 | EU S&P Services, Composite Final PMI Jul |
| 0830 | UK S&P Global PMI Composite Jul |
| 0830 | UK Reserve Assets Total Jul |
| 1345 | US S&P Global Comp, Svcs PMI Final Jul |
| 1400 | US ISM N-Mfg PMI Jul |
Jobs data and Fed outlook in focus
Attention this week will center on the U.S. July payrolls report scheduled for release on Friday. The ADP employment report is due later in the day.
On the geopolitical front, Qatar said mediators were making progress in efforts to end the U.S.-Iran war, although Tehran has denied President Donald Trump's assertion that talks are already underway.
The recent spike in oil prices due to the conflict has sparked bets that the Fed might need to raise rates to keep inflation in check. Gold's appeal wanes in a high-rate environment despite its status as an inflation hedge.
Traders are now pricing in 57% odds of a hike at the U.S. central bank's September 15-16 meeting.
Federal Reserve Bank of Philadelphia President Anna Paulson said she was keeping an “open mind” about what lies ahead for monetary policy in an outlook that could call for higher rates.
