Gold at Over One-Week Low on Firm Dollar, US Payrolls Data Awaited
Gold prices eased to their lowest in more than a week on Tuesday, pressured by a firm dollar, while investors awaited U.S. non-farm payrolls data that could determine the size of the potential cut in the Federal Reserve's September policy meeting.
Spot gold fell 0.4% to $2,490.44 per ounce by 1:52 a.m. ET (1752 GMT).U.S. gold futures settled 0.2% lower to $2,523.00.
The dollar (.DXY), rose 0.2%, hitting a two-week high, making gold more expensive for other currency holders.
Focus will be on Friday's U.S. payrolls report along with ISM surveys, JOLTS job openings and the ADP employment report due later this week.
Markets are pricing in a 63% chance of a 25 basis point (bps) cut when the Fed meets on Sept. 17 and 18, with a 37% probability of a 50-bps cut, the CME FedWatch tool, showed.
Bullion is heading for its best year since 2020, driven by investor optimism about upcoming U.S. rate cuts and lingering concerns about the Middle East conflict.
Spot silver dipped 1.8% to $27.99, platinum fell 2.2% to $909.55 and palladium lost nearly 4% to $941.00.
Source : Reuters
