US dollar holds close to twoweek high
Gold could scale 2,640 this year analyst
Platinum, palladium down 1

Sept 3 Reuters Gold prices eased on Tuesday, while investors awaited a slew of U.S. economic data to gauge the size of the Federal Reserve39;s expected interest rate cut this month.

Spot gold fell 0.2 at 2,495.50 per ounce by 0630 GMT. Prices hit a record high of 2,531.60 on Aug. 20.

U.S. gold futures steadied at 2,527.50.

The dollar lingered near a twoweek high, making bullion less appealing for other currency holders.

Gold is unable to recapture levels around alltime highs due to lack of fresh positive catalysts. If we see U.S. data pointing to a weak economy and the Fed taking to the narrative of having a jumbo rate cut, gold will rally, said Kelvin Wong, OANDA39;s senior market analyst for Asia Pacific.

Prices could go as high as 2,640 this year.

Market focus is on Friday39;s U.S. August nonfarm payrolls report. Economists surveyed by Reuters expect the addition of 165,000 U.S. jobs.

ISM surveys, JOLTS job openings and ADP employment report are also on investors39; radar.

Traders currently see a 31 chance of a 50basispoint rate cut at the Fed39;s Sept. 1718 policy meet and a 69 chance of a quarterpoint cut.

Last week, data showed U.S. consumer spending picked up in July, arguing against a 50bp rate cut.

Gold remains our preferred hedge against geopolitical and financial risks, with additional support from imminent Fed rate cuts and ongoing…