Gold edged higher on Wednesday morning in London while investors wait on the sidelines ahead of US data releases later this week.
– The spot gold price was last at $1,216.40/1,216.80 per ounce, up $1.30 on Tuesday’s close. Trade has ranged narrowly from $1,212.90 to $1,220 so far.
– Investors are now focused on US economic data that could determine if the US Federal Reserve will lift interest rates in June. The final and ISM manufacturing PMIs from the US are due later on Wednesday before the the blockbuster payrolls report on Friday, which is expected to show 160,000 jobs were added in May.
– Only 23 percent of market participants expecting t he Fed to lift rates next month, with 59 percent pricing in an increae in July, according to CME Group FedWatch.
– “We still think it’s too early to ‘buy the dip’ outright, particularly ahead of Friday’s deluge of US data,” ICBC Standard Bank analyst Tom Kendall noted.
– In the other precious metals, silver was last little changed at $16.005/16.025 per ounce as was platinum at $974/979 while palladium edged $1 lower to $543/548.
(Editing by Mark Shaw)
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Source: Bullion Desk News
