Gold dips as traders await more US economic data

Shafaq News / Gold prices fell on Monday as traders awaited further US economic data to gauge the Federal Reserve's next moves on interest rates. Last week's reports showed stable inflation, raising expectations that the US Federal Reserve might lower interest rates later this year.

Spot gold prices decreased by 0.5% to $2,321.11 per ounce, following a more than 1% rise last Friday. US gold futures also dropped by 0.6% to $2,335.30 per ounce.

Data released last week indicated some weakening in price pressures in the United States, suggesting a loss of momentum in the labor market. This has fueled expectations for a rate cut at the Fed's September meeting.

Meanwhile, spot silver fell by 1.4% to $29.13 per ounce, platinum decreased by 0.5% to $953.30 per ounce, and palladium edged down 0.1% to $889.21 per ounce.

Market sentiment remains cautious as traders closely monitor upcoming economic data and its potential impact on precious metal prices in the coming period.