Gold holds steady after scaling 7-week high, US inflation data in focus

FUNDAMENTALS

Spot gold was little changed at $4,339.59 per ounce, as of 0017 GMT, after a more than 7% gain last week.Bullion hit its highest since June 17 on Friday after weaker-than-expected U.S. jobs data reduced expectations for interest rate hikes.

U.S. gold futures were flat at $4,399.40.

Following the data release, futures markets flipped the odds of a rate hike at the September 15-16 Federal Open Market Committee meeting from likelier-than-not to a worse-than-even chance.

Federal Reserve Bank of Richmond President Thomas Barkin said hiring data for July represented a continuation of recent trends.

Key U.S. inflation data due this week include the Consumer Price Index (CPI) and the Producer Price Index (PPI).

On the geopolitical front, Iran said it was nearing a final pact with Oman defining new shipping lanes between them through the Strait of Hormuz but repeated that the U.S. must meet other conditions, including compensation and an end to sanctions and military threats, before the strategic waterway is reopened.

Among other metals, spot silver rose 0.5% to $63.85 per ounce, platinum gained 0.2% to $1,748.25 and palladium slipped 0.5% to $1,371.16.

DATA/EVENTS (GMT)

0800 China Total Social Financing Jul0800 China M2 Money Supply YY Jul

0800 China New Yuan Loans Jul

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