Gold is under great pressure from the Fed
Gold prices steadied on Tuesday after marking some gains in the prior session, as weak U.S. service sector data weighed on the dollar and fed into bets that the world’s largest economy was cooling.
The yellow metal recovered from over two-month lows after data showed on Monday that the U.S. service sector barely grew in May, winding down months of strong growth as the labor market ran out of steam.
The data spurred some losses in the dollar, pulling it away from near 11-week highs hit recently. This benefited most metal markets, particularly safe haven assets such as gold.
Spot gold was flat at $1,961.16 an ounce, while gold futures rose 0.2% to $1,977.45 an ounce by 20:44 ET (00:44 GMT). Both instruments rose over 0.6% on Monday after the U.S. data.
But despite recent gains, gold was trading largely rangebound as markets hunkered down before a Federal Reserve interest rate decision next week. Traders are split over whether the central bank will hike or hold interest rates, following mixed signals on the move over the past week.
GOLD BUY STOP 1958 - 1961💯💯
✅𝖳𝖯1 1965
✅𝖳𝖯2 1970
✅TP3 1975
🛑𝖲𝖫 1953
The yellow metal recovered from over two-month lows after data showed on Monday that the U.S. service sector barely grew in May, winding down months of strong growth as the labor market ran out of steam.
The data spurred some losses in the dollar, pulling it away from near 11-week highs hit recently. This benefited most metal markets, particularly safe haven assets such as gold.
Spot gold was flat at $1,961.16 an ounce, while gold futures rose 0.2% to $1,977.45 an ounce by 20:44 ET (00:44 GMT). Both instruments rose over 0.6% on Monday after the U.S. data.
But despite recent gains, gold was trading largely rangebound as markets hunkered down before a Federal Reserve interest rate decision next week. Traders are split over whether the central bank will hike or hold interest rates, following mixed signals on the move over the past week.
GOLD BUY STOP 1958 - 1961💯💯
✅𝖳𝖯1 1965
✅𝖳𝖯2 1970
✅TP3 1975
🛑𝖲𝖫 1953
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