Gold flat as dollar holds firm; investors seek more US data
Oct 2 (Reuters) -Gold prices were flat on Wednesday, as the dollar held firm and market participants looked ahead to upcoming U.S. data for insights into possible interest rate cuts later this year.
FUNDAMENTALS
* Spot gold XAU= edged 0.2% lower to $2,658.07 per ounce, as of 0036 GMT. Bullion hit a record high level of $2,685.42 on Thursday.
* U.S. gold futures GCcv1 were down 0.4% to $2,679.10.
* The dollar .DXY held to its sharpest gain in a week. A stronger dollar makes greenback-priced bullion more expensive for other currency holders. USD/
* Data on Tuesday showed that U.S. job openings unexpectedly rose in August after two months of decline. However, hiring remained weak, indicating a slowing labor market that may lead the Federal Reserve to cut interest rates again in November.
* Currently, traders see a 63% chance of a 25-basis-point cut in November and a 37% chance of a 25-bp cut, per CME FedWatch Tool.
* Lower interest rates reduce the opportunity cost of holding gold, which is also viewed as a safe asset during economic and political turmoil.
* On the geopolitical front, Iran said early on Wednesday that its missile attack on Israel was finished barring further provocation, while Israel and the U.S. promised to retaliate against Tehran's escalation as fears of a wider war intensified.
* Markets will be cautious ahead of ADP employment data and remarks from several Fed officials due later in the day, which might provide hints regarding Fed rate-cut cycle.
* SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.33% to 874.82 tonnes on Tuesday. GOL/ETF
* Meanwhile, physical demand for gold across key markets has tumbled as prices continue to rise, with some retail consumers opting to sell their holdings and book the profit, industry players and analysts said.
* Spot silver XAG= fell 0.3% to $31.31 per ounce, platinum XPT= gained 0.4% to $989.49 and palladium XPD= rose 0.61% to $1,000.75.
DATA/EVENTS (GMT)
0900 EU Unemployment Rate
Reporting by Daksh Grover in Bengaluru; editing by Alan Barona
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
