Gold prices rose close to their highest levels in a month, Thursday, as a fresh batch of weak US data reinforced expectations of a halt in interest rate hikes this year, although inflation readings due later in the day may revise these expectations.
And by 0331 GMT, spot gold rose 0.2 percent to $ 1945.40 an ounce. US gold futures settled at $1972.40.
Despite gold’s gains this week, it is heading to record a monthly decline of about one percent, as the dollar looks forward to its first monthly rise in three months, and US Treasury yields are preparing for their fourth monthly rise, after reaching 2007 levels last week.
Michael Langford, chief investment officer at Scorpion Minerals, told Reuters that monthly personal consumption expenditures and employment figures in the United States will provide guidance on interest rates.
Data released this week showed the US economy grew at a slightly slower pace than initially thought during the second quarter of the year, while the number of job vacancies fell to the lowest level in nearly two-and-a-half years in July as the labor market gradually slowed.
Meanwhile, an official survey showed manufacturing activity contracted for the fifth consecutive month in August in China, the largest consumer of gold.
As for other precious metals, silver fell in spot transactions by 0.3 percent to $ 24.59 an ounce, after it rose to the highest level in more than a month yesterday, Wednesday.
Platinum settled at $974.13, and is heading for its second consecutive monthly gain. Palladium rose 0.9% to $1,232.98, but is on track to record a monthly decline of 4%.
2023-08-31 04:57:27
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