MTECHTIPS;-Gold little changed near 4-week highs in holiday-thinned
MTECHTIPS;-Gold little changed near 4-week highs in holiday-thinned trade
MTECHTIPS-Gold prices were little changed near a four-week high in North American hours on Monday, with holidays in the U.S., U.K. and China slowing trading activity around the world. Comex gold futures shed $1.40, or about 0.1%, to $1,266.69 a troy ounce by 8:15 AM ET (1215 GMT). Meanwhile, spot gold was at $1,266.91. Prices of the yellow metal ended Friday’s session up almost 1%, after touching its strongest since May 1 at $1,269.30. Also on the Comex, silver futures tacked on 5.9 cents, or around 0.3%, to $17.38 a troy ounce. It rose to $17.40 in overnight trade, a level not seen since April 28. Trading volumes were likely to remain light with U.S. markets closed Monday for Memorial Day while the U.K. is also shuttered for a public holiday. Market players are looking ahead to this week’s U.S. employment report on Friday for further signs of the Federal Reserve’s likely rate hike trajectory through the end of the year. Besides the monthly jobs report, this week’s holiday-shortened calendar also features U.S. data on manufacturing and service sector growth, consumer confidence, auto sales, personal spending, core PCE inflation, as well as monthly trade figures. Futures traders are currently pricing in around an 80% chance of a hike at the Fed’s June 13-14 meeting, according to Investing.com’s Fed Rate Monitor Tool.
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