Gold Slips On Firm Dollar; Market Focus Turns To U.S. Jobs Data
Gold prices dipped on Monday as the dollar strengthened, while investors awaited key U.S. jobs data to firm their bets on the size of Federal Reserve's interest rate cut expected this month.
Spot gold was down 0.3% at $2,494.76 per ounce, as of 0330 GMT. U.S. gold futures held steady at $2,527.20.
The dollar hit a near two-week peak, making greenback-priced bullion less appealing to other currency holders.
The Fed is expected to kick off a rate-cutting cycle at its policy meeting on Sept. 17-18. Traders currently see a 69% chance of a 25-basis-point cut and a 31% chance of a 50 bps cut, according to the CME FedWatch tool.
Major data due this week are the ISM surveys, JOLTS job openings, ADP employment and the non-farm payrolls report. For the payrolls report, due Friday, a Reuters poll predicted 165,000 headline jobs created in August and a dip in the unemployment rate to 4.2%.
Spot silver fell 1.5% to $28.41 per ounce, platinum gained 0.3% to $928.50 and palladium was up 0.1% at $966.43.
Source : Reuters
