· Gold prices are little changed, failing to gain support from a weaker US dollar as investors digest sharp losses in the previous session and worried about further US rate rises.
· Spot gold rose 0.1 per cent at $US1,259.20 an ounce by 1.51 pm Monday EDT (0551 Tuesday AEST), having on Friday touched its lowest in just under two weeks at $US1,254 an ounce and registering its first weekly decline in four.
US gold futures for December delivery settled up 0.01 per cent at $US1,264.70.
· Many investors, however, seemed wary of the upcoming data following unexpectedly strong jobs numbers on Friday, traders said.
· "We think the jobs report was good enough for the Fed to move but the market remains skeptical that they're going to get much of a rate increase this year," said Rob Haworth, senior investment strategist at US Bank Wealth Management.
· In coming weeks gold may get a boost if US politicians opt for a "clean" raising of the debt ceiling, without linking it to spending or tax provisions, said analyst Tom Kendall at ICBC Standard Bank.
· The Fed can leave interest rates where they are for now because inflation is not likely to rise much even if the US job market continues to improve, St. Louis Fed President James Bullard said on Monday.
· Silver rose 0.1 per cent to $US16.25 per ounce, after falling to $US16.10, a low since July 20.
Reference: Business News
Thai
Eng