Dollar up 0.3 against its rivals
Traders see a 100 chance of rate cut in September
Palladium fell to lowest level since 2017 on Monday

Aug 6 Reuters Gold prices eased on Tuesday as the dollar firmed, although expectations of a U.S. rate cut in September and escalating geopolitical tensions in the Middle East kept bullion above the key 2,400 per ounce level.

Spot gold fell 0.2 at 2,401.75 per ounce by 1009 a.m. ET 1409 GMT. The metal fell 1.5 in the previous session, driven by global selloff as fears of the U.S. tipping into recession lingered.

U.S. gold futures lost 0.1 to 2,442.90.

The dollar index was up 0.3, in its first day trading higher against the Japanese currency this month, making greenbackpriced bullion less affordable for overseas buyers.

There39;s still some weakness in gold mainly driven by dollar strength … but the macro environment for gold is relative positive so we39;ll probably see some rangebound activity in gold over the near term, said Amelia Xiao Fu, head of commodity markets at BOCI.

Lebanon39;s armed group Hezbollah launched a series of drone and rocket attacks into northern Israel.

Fed policymakers pushed back against the notion that weakerthanexpected July jobs data means the economy is in recessionary freefall, but also warned that rate cuts will be needed to avoid such an outcome.

Bullion is considered a safe asset amid economic uncertainties and benefits from a low interest rate environment.

Investors expect central banks to…

Leave A Comment