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Gold holds steady as a firmer dollar offsets rate-hike bets
XAU/USD was around $4,142, as elevated US Treasury yields and mixed US survey data kept the market rangebound.
Gold was little changed on Monday after retreating from early gains, as the market weighed easing Federal Reserve rate-hike expectations against a stronger US dollar, FXStreet reported. The outlet also said US Treasury yields stayed elevated near multi-year highs, limiting follow-through for bullion.
At the time of writing, XAU/USD traded around $4,142. FXStreet attributed the pause in direction to US business surveys that offered limited new signals, including S&P Global Services PMI revised to 58.8 in September from 58.7, with Composite PMI steady at 58.4.
In contrast, FXStreet said the ISM Services PMI slipped to 54.9 from 55.4 and narrowly missed a 55.0 forecast. The data came after Friday’s employment report, which showed Nonfarm Payrolls rose only 29K in September versus a 90K forecast, with the unemployment rate edging up to 4.2% and annual wage growth slowing to 3.0%.
FXStreet also pointed to softer inflation signals, saying August’s Personal Consumption Expenditures report fell short of expectations and that prior readings were revised lower. Together, the reports left gold trading in a tight balance between dollar strength and shifting rate expectations.
Latest closeGold $4,172.10 ▼0.7%