Commodities
Gold Stuck Near Seven-Week Low as US Economic Data Looms
Gold prices hovered near a seven-week low on concerns that the Federal Reserve may keep interest rates higher for longer. Spot gold was little changed at $4,123.29 per ounce, while US gold futures fell 0.3% to $4,155.50.
The metal's struggles come as investors await a slew of US economic data this week, including job openings, ADP employment, PCE figures, and nonfarm payrolls, which could provide fresh signals on monetary policy.
Fed Governor Lisa Cook said she expects continued inflationary pressure in coming months stemming from AI-related demand and higher oil prices. However, she stopped short of saying more rate hikes will be needed.