Gold prices edge lower as dollar holds steady
Gold prices fell during Tuesday’s trading as investors assessed military developments in the Middle East
Gold prices edged lower during Tuesday’s trading as investors assessed military developments in the Middle East, while awaiting US labor market data due later this week.
Meanwhile, the US dollar index was broadly steady at 99.50 points.
Tony Sycamore, a market analyst at IG, said gold is facing pressure from Federal Reserve Chairman Kevin Warsh’s hawkish tone in his speech at the Jackson Hole symposium, alongside renewed tensions in the Strait of Hormuz, which have pushed oil prices higher and revived inflation concerns, Reuters reported.
Data from the CME FedWatch Tool showed that traders are pricing in a 66% probability of a rate hike at the Fed’s September meeting, rising to 89% for a hike in December.
Markets are also focusing on US economic data due this week, including job openings, the ADP private-sector employment report, and nonfarm payrolls data.
|
Changes in Prices of Selected Precious Metals in Futures and Spot Markets |
|||
|
Metal |
Price (USD/oz) |
Change (USD) |
Change (%) |
|
Gold (October delivery) |
4,442.60 |
(4.20) |
(0.10%) |
|
Gold (Spot) |
4,433.62 |
(3.76) |
(0.10%) |
|
Silver (December delivery) |
66.97 |
(0.02) |
— |
|
Silver (Spot) |
66.49 |
(0.09) |
(0.15%) |
|
Platinum (Spot) |
1,804.06 |
+6.77 |
+0.40% |
|
Palladium (Spot) |
1,360.50 |
(4.18) |
(0.30%) |
Commodity Price
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