Gold Prices Holds Steady After Recovering From One-Week Low, After U.S. Productivity Data

Gold Prices Holds Steady After Recovering From One-Week Low

Prices of gold futures held about 1 week in trading on Tuesday after data showed US Nonfarm productivity unexpectedly narrowed in the second quarter, while unit labor costs rose longer than anticipated and investors by correcting prices to bargain hunting.

Gold for December delivery on the Comex Exchange fell to a session low of $1,336.00 a troy ounce, the weakest since July 29.

Spot gold was mostly unchanged at $1,335.82 an ounce.

The productivity of nonfarm business sector labor dropped 0.5% in the second quarter, missing for a gain of 0.4% following a drop of 0.6% in the first quarter expectations, the Labor Department said .

Unit labor costs increased by 2.0% in the three months ended June 30, ahead of expectations for a gain of 1.8%.

A day earlier, gold shed $ 3.10, or 0.23%, after the latest US jobs report reinforced expectations of faster growth and revived speculation that the Federal Reserve will raise interest rates this year.

Fed funds futures prices showed traders now see a 50% rate hike US before December, according to CME Group (Fed watch tool). That equates with about 30% so recently as last week. September odds were around 20%, compared to less than 10% last week.

The greenback index, which measures the greenback versus a basket of six currencies, fell as much as 0.1 percent to 96.344.

Holdings of SPDR Gold Trust, fell 0.67 percent to 973.81 tonnes on Monday.

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