July 1 (Reuters) – Gold prices extended losses on Wednesday after falling to a seven-month low in the previous session, as fading \u200cprospects of a permanent U.S.-Iran peace deal heightened inflation concerns and \u200cbolstered expectations of Federal Reserve rate hikes. <\/p>\n
FUNDAMENTALS <\/p>\n
* Spot gold was down 0.6% at $3,981.69 per ounce, \u200bas of 0112 GMT, after hitting its lowest level since last November in the previous session. U.S. gold futures for August delivery lost 1.1% to $3,994.40. <\/p>\n
* Dimming prospects for a near-term diplomatic breakthrough, Iran said it would not meet \u200cwith senior U.S. envoys \u2060who travelled to the region following an outbreak of hostilities. <\/p>\n
* Iranian officials added that both sides must still resolve \u2060ceasefire terms signed two weeks ago before addressing more complex issues on potential limits to its nuclear programme. <\/p>\n
* Federal Reserve Bank of Cleveland President Beth Hammack \u200bsaid on \u200bTuesday it remains possible that she’ll \u200badvocate for higher interest rates \u200cif inflation pressures fail to ease, underscoring a still-hawkish policy outlook. <\/p>\n
* Traders are pricing in roughly a 67% chance of a rate hike in September, according to the CME FedWatch Tool, reflecting firming expectations of tighter monetary policy. [FEDWATCH\/] <\/p>\n
* Investors now await the June ADP employment data, due later in \u200cthe day, and nonfarm payroll figures on \u200bThursday for further clues on Fed’s rate path, \u200bwhich could shape near-term moves \u200bin bullion. <\/p>\n
* Meanwhile, an OMFIF survey showed more central \u200cbanks plan to cut dollar allocations \u200bover the coming \u200bdecade as political risks associated with the U.S. currency rise. <\/p>\n
* Spot silver fell 0.9% to $58.04 per ounce, platinum lost 0.9% to $1,537.78, and palladium \u200binched 0.2% lower to $1,202.33. <\/p>\n
DATA\/EVENTS (GMT) <\/p>\n
0800 EU S&P \u200cMFG Final PMI June <\/p>\n
0900 EU HICP Flash YY June <\/p>\n
0900 EU HICP-X F, E, A, T Flash \u200bYY, MM June <\/p>\n
1345 US S&P Global Mfg PMI Final June <\/p>\n
1400 US ISM Manufacturing PMI June <\/p>\n
(Reporting by Pablo Sinha \u200bin Bengaluru; Editing by Sherry Jacob-Phillips) <\/p>\n","protected":false},"excerpt":{"rendered":"July 1 (Reuters) – Gold prices extended losses on Wednesday after falling to a seven-month low in the…\n","protected":false},"author":2,"featured_media":519386,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[4318,5275,42,43,40,38,41,39],"class_list":["post-519385","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-federal-reserve","tag-gold-prices","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/519385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=519385"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/519385\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/519386"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=519385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=519385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=519385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}