Gold subdued as dollar firms -
August 30, 2023 00:00:00
Gold inched lower on Tuesday on a stronger dollar, although prices were stuck in a narrow range as investors looked forward to a series of US economic data this week for more clues on the Federal Reserve's interest rate path, reports Reuters.
Spot gold was down 0.1 per cent at $1,918.40 per ounce 09:37 a.m. EDT (1337 GMT). US gold futures were steady at $1,946.30.
The dollar rose 0.4 per cent against rivals, making gold more expensive for other currency holders. The benchmark 10-year Treasury yields also ticked higher.
"It's going to be a data-driven week for the gold market," said Jim Wyckoff, senior market analyst at Kitco.
The Labor Department's Job Openings and Labor Turnover Survey (JOLTS), due at 10 a.m. ET, is expected to show the number of job openings fell to 9.465 million from 9.582 million in July.
The US personal consumption expenditures price index is due on Thursday and nonfarm payrolls on Friday.
Higher interest rates increase the opportunity cost of holding non-yielding bullion.
Silver fell 0.1 per cent to $24.23 per ounce. Platinum gained 0.6 per cent to $969.83, its highest in a month. Palladium slipped 2.9 per cent to $1,218.58.