2026-08-10T06:54:09+00:00
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Shafaq News
Gold slipped on Monday as investors took
profits after prices hit a seven-week high in the previous session, while
markets looked to U.S. inflation data for fresh clues on the Federal Reserve’s
interest rate path.
Spot gold was down 0.3% at $4,330.46 per
ounce, as of 0443 GMT. Prices hit their highest since June 17 on Friday after
weak U.S. nonfarm payrolls data.
“Gold is edging slightly lower as it
succumbs to some profit-taking following last week’s strong NFP-inspired gains.
This looks like a natural stabilisation rather than a meaningful shift in
sentiment – I expect gold to remain supported above the $4,300 level in the
near term,” said Tim Waterer, chief market analyst at KCM Trade.
Data showed the U.S. economy unexpectedly
shed jobs in July and previously reported job gains for the prior two months
were revised sharply lower.
Futures markets then flipped the odds of a
rate hike at the September 15-16 Federal Open Market Committee meeting from
likelier-than-not to a worse-than-even chance.
A lower interest rate environment boosts the
attractiveness of gold against income-generating assets, as bullion itself
earns no interest.
Key U.S. data scheduled for release this
week include the Consumer Price Index (CPI) on Wednesday and the Producer Price
Index (PPI) on Thursday.
“Soft readings would strengthen the
case for a rate hold and clear a path for further upside in gold… Middle East
uncertainty remains a lingering risk factor, as any renewed escalation that
drives oil prices up could quickly pressure the metal,” said Waterer.
On the geopolitical front, Iran said it was
nearing a final pact with Oman defining new shipping lanes between them through
the Strait of Hormuz but repeated that the U.S. must meet several conditions
before the strategic waterway is reopened.
Spot silver rose 0.3% to $63.77 per ounce
and platinum gained 0.2% to $1,748.80, while palladium slipped 1% to $1,364.55.
(Reuters)
Only the headline is edited by Shafaq News
Agency.