share this article!

Staff of Reuters Read for 2 minutes Reuters, July 5 – Gold prices fell on Monday after hitting a two-week high the day before, pulled down by a modest rise in the dollar, as investors anticipated further U.S. economic data for hints on the Fed’s monetary policy plans. * By 0037 GMT, spot gold had down 0.1 percent to $1,785.41 per ounce, following touching a high of $1,794.86 on Friday. Gold futures in the United States climbed 0.1 percent to $1,785.20. * The dollar rose 0.1 percent against its peers, making gold more expensive for non-dollar holders. In June, American businesses hired the most people in ten months, raising wages and offering incentives to persuade millions of unemployed Americans to leave their homes. As markets applaud more indications of a healthy economic recovery amid concerns about persistent inflation, a stronger-than-expected US employment report is focusing investors’ attention on economic data and the Fed’s next move. The coronavirus hampered demand at home and overseas, causing Japan’s services sector to contract for the 17th month in a row in June, reflecting the world’s third-largest economy’s sluggishness. The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings dipped to 1,042.58 tonnes on Friday from 1,043.16 tonnes the day before. Speculators reduced their net long positions in COMEX gold in the week ended June 29 while increasing their net long positions in silver, according to data from the US Commodity Futures Trading Commission. * Gold was sold at a premium in India last week for the first time in more than two months as demand increased after curbs to combat the second wave of the coronavirus were slightly eased. * Palladium rose 0.3 percent to $2,793.19 per ounce, while platinum declined 0.3 percent to $1,086.49. 0130 Australia Retail Sales MM Final May 0145 DATA/EVENTS (GMT) June Caixin Services PMI 0800 EU Markit Serv, Comp Final PMIs June Caixin Services PMI 0800 EU Markit Serv, Comp Final PMIs June Caixin Services PMI 0800 EU Mark (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)/nRead More

share this article!