Wednesday, 31 August 2016

Gold Heading for first Monthly dip in three on Rate Hike Worries

Gold stood above two-month lows touched in the prior session as investors waited for U.S. nonfarm payroll numbers later this week for clues on the timing of a Federal Reserve rate hike, but the bullion was on track for its first monthly decline since May. Spot gold was up 0.1 percent at $1,312.55 per ounce at 0654 GMT on Wednesday. The metal fell 1 percent to $1,308.65 on Tuesday, its lowest since June 28. 

Gold was heading for a drop of 2.8 percent in August. U.S. gold futures were mostly unchanged at $1,315.50 "There is some buying today ... people are taking the view that gold is going to fluctuate within a tight range prior to a strong signal from the Fed," said Richard Xu, a fund manager at HuaAn Gold, China's top gold exchange-traded fund U.S. consumer confidence rose to an 11-month high in August, with households more upbeat about the labour market, in a further sign that the economy was regaining steam after faltering in the first half of the year.

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