Gold treads water ahead of Fed Warsh's Jackson Hole speech
GLD•Upcoming data releases
| DATA/EVENTS (GMT) | |
|---|---|
| 0645 | France GDP QQ Final Q2 |
| 0645 | France CPI (EU Norm) Prelim YY, MM Aug |
| 0645 | France CPI Prelim YY, MM NSA Aug |
| 0755 | Germany Unemployment Chg, Rate SA Aug |
| 0900 | EU Consumer Confid. Final Aug |
| 1400 | US U Mich Sentiment Final Aug |
Inflation, labor data and other metals
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Data showed that the number of Americans seeking unemployment benefits for the first time fell for a second week while the overall number of people on jobless relief rolls slid to the lowest level in a month, signaling a stable labor market that should give the Fed leeway to focus on containing inflation.
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Traders see a 35.4% chance of a U.S. rate hike in September and a 74.6% chance by December, according to the CME FedWatch Tool.
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Despite its role as an inflation hedge, gold tends to lose appeal in a high interest-rate environment as it offers no yield.
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Qatar's prime minister visited Tehran on Thursday in an effort to revive stalled diplomacy six months into the war, as U.S. President Donald Trump said Washington was not currently talking to Iran.
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Among other metals, spot silver XAG= lost 0.2% to $69.12 per ounce and palladium XPD= fell 0.1% to $1,349.34. Platinum XPT= was down 0.2% to $1,842.26 and was on track for a weekly loss.
