Gold ticks up on softer dollar, focus on US jobs data
On Wednesday, gold prices experienced a modest uptick as the dollar lost strength. Investors are keenly anticipating important US jobs data that may provide insights into the Federal Reserve's policy direction. Heightened geopolitical tensions and...
By Reuters |
TIMESOFINDIA.COM
Gold inched up on Wednesday, aided by a softer dollar, while market participants strapped in for upcoming key U.S. jobs data for cues on the U.S. Federal Reserve's next monetary policy move.
The U.S. dollar remained subdued, making dollar-priced metals more attractive to holders of other currencies. [USD/]
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.
Data on Tuesday showed U.S. job openings dropped in June as vacancies in the healthcare and social assistance sector declined by the most in nearly a year, but an improvement in hiring and low layoffs suggested the labor market remained stable.
Among other metals, spot silver gained 0.2% to $59.61 per ounce, platinum fell 0.2% to $1,732.00, while palladium lost 0.4% to $1,348.00.
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
FUNDAMENTALS
Spot gold was up 0.1% at $4,081.09 per ounce, as of 0040 GMT. U.S. gold futures fell 0.4% to $4,137.20.The U.S. dollar remained subdued, making dollar-priced metals more attractive to holders of other currencies. [USD/]
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.
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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.
Data on Tuesday showed U.S. job openings dropped in June as vacancies in the healthcare and social assistance sector declined by the most in nearly a year, but an improvement in hiring and low layoffs suggested the labor market remained stable.
Among other metals, spot silver gained 0.2% to $59.61 per ounce, platinum fell 0.2% to $1,732.00, while palladium lost 0.4% to $1,348.00.
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DATA/EVENTS (GMT)
0145 China RatingDog Services PMI Jul0750 France S&P Services, Composite PMI Jul
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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
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