Gold Slips 5-Week Lows On Firmer Dollar; Seen Range-Bound on Fed Rate Clues

Gold Slips 5-Week Lows On Firmer Dollar; Seen Range-Bound on Fed Rate Clues

Prices of US gold futures were under fluctuated within a narrow range on Tuesday pressure, struggled nearly 5 weeks lows as investors focused on the next set of US data to see whether it supports expectations that the Federal reserve will raise interest rates soon.

Gold for December delivery on the Comex Exchange dipped $4.55, or 0.34%, to trade at $1,322.55.

Spot gold slipped 0.2 percent at $1,320.79 per ounce. The metal had recovered from a near 5-week low of $1,314.70.

The Conference Board is programmed to liberate up a report on US consumer trust for August at 10:00 AM EST (14: 00GMT). There are also Case-Shiller S & P home price data at 9:00 am EST (13: 00GMT).

Market participants also are facing the NFP report on Friday for more advice on the timing of the next rise in US rates . The consensus forecast is that the data show employment growth of 180,000 in August, after increasing of 255,000 in the previous month.

During an interview with Bloomberg TV earlier in the day, Fed Vice Chairman Stanley Fischer said the US labor market it is almost at full strength and pace of rate hikes by the US central bank will depend on how good the economy is doing.

Gold is highly sensitive to increasing interest rates in the US, which increases the opportunity cost of maintaining inflexible bullion while boosting the greenback, which has a price.

The US dollar index, which tracks the greenback versus a basket of six rivals, rose 0.2 percent to 95.785.

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