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Gold Holds Steady at Near Four Month Lows

Gold held steady early Monday, hovering around near four-month lows after stronger than expected US jobs data indicated that the Federal Reserve would maintain its stance on monetary tightening.

FUNDAMENTALS

  • Spot gold was nearly flat at $1,213.16 per ounce at 0051 GMT. Gold fell more than 2 percent last week and touched its lowest since March 15 on Friday.
  • U.S. gold futures for August delivery rose 0.3 percent to $1,212.80 per ounce.
  • The U.S. economy continues to churn out jobs and grow at a steady pace, with investment and consumer confidence both healthy and only moderate signs of risk in financial markets, the U.S. Federal Reserve said on Friday.
  • Asian stocks rallied on Monday, lifted by Wall Street’s strong performance late last week, while the U.S. dollar extended gains made after much stronger than expected June employment data.
  • Holdings at the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.63 percent to 835.35 tonnes on Friday from 840.67 tonnes on Thursday.
  • Singapore’s sovereign wealth fund GIC Pte Ltd, among the world’s biggest investors, said it was turning cautious and expected returns to slow over the next decade, given high valuations, uncertainty over monetary policy and modest economic growth.
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