Gold prices slipped on Monday as the dollar gained on stronger-than-expected U.S. manufacturing data and investors awaited jobs data later this week for clues about whether U.S. interest rates would rise by the year-end.
"Prices are slowly drifting lower ... but they will not come down too much, particularly ahead of Friday," said Societe Generale analyst Robin Bhar
Analysts will look to the U.S. non-farm payrolls report on Friday for more clarity on whether the U.S. Federal Reserve is on track to tighten credit by December.
KITCO said “Gold prices ended the U.S. day session modestly lower Monday. Some lessening concerns about a big German Bank’s liquidity took buying interest away from the safe-haven metal. Traders and investors are now looking for fresh news to drive the precious metals markets. December Comex gold was last down $3.20 an ounce at $1,313.80. December Comex silver was last down $0.349 at $18.865 an ounce.”
(USAGOLD) — Gold remains defensive at the low end of the recent range. Mixed economic data failed to generate any directional impetus, leaving the yellow metal to drift lower within the range. A firmer dollar may be weighing on gold somewhat as well.
Reference: Reuters, KITCO, USAGOLD
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