Gold Prices Near 4-Week Highs in Holiday-Thinned Trade

Gold Prices Near 4-Week Highs in Holiday-Thinned Trade

Gold futures prices slightly not changed near four weeks in North America on Monday hours as the holidays in the United States, the United Kingdom and China slowing trade activity around the world.

Comex gold futures shed $1.40, or about 0.1%, to $1,266.69 a troy ounce.

Meanwhile, spot gold was at $1,266.91.

MCX Gold was trading 0.05 per cent, or Rs 15, down at 28,873 .

Trading volumes are likely to remain light as US markets close on Monday on Memorial Day while the UK is also closing for an official holiday.

Market players look to the US employment report this week on Friday for further evidence that the Fed may raise interest rates by the end of the year.

In addition to the monthly jobs report, the shortened holiday calendar this week also features US data on manufacturing and services growth, consumer confidence, car sales, personal spending, core CPI inflation as well as monthly trade figures.

Futures traders are currently trading at around 80% chance of raising interest rates at the Fed meeting on June 13-14, according to the investment.

SPDR Gold holdings stood at 847.45 tonnes, remain unchanged from previous business day.

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