Gold was in consolidation mode on Monday morning in London – trading conditions are likely to be thinner while US markets are closed for the Labor Day holiday today.
– The spot gold price was last at $1,326.10/1,326.50 per ounce, down $1.15 on Friday’s close. Trade has ranged unexcitingly from $1,321.95 to $1,327.35 so far.
– In currencies, the dollar was a little weaker today – the dollar index was last at around 95.66 – after softer-than-expected US jobs data trimmed expectations of a Federal Reserve rate increase in September. The US economy added 151,000 jobs in August, missing the expected 186,000
– “Comments from Federal Reserve officials this week should shed some light on the central bank’s position following the release [of the data] and they may even determine August’s figure, which has been historically soft and tends to be revised upwards as strong enough,” MKS said.
– In the other precious metals, silver was little changed at $19.370/19.390 per ounce while platinum at $1,067/1,074 was up $10.50 and palladium climbed $4.50 to $674/683.
(Editing by Mark Shaw)
The post Gold consolidates, quiet trading ahead with US closed for Labor Day appeared first on The Bullion Desk.
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Source: Bullion Desk News
