Dollar gains after weak China trade data
* Fed’s Bowman: more rate hikes may be needed
* SPDR Gold ETF holdings down 0.3% on Monday
Aug 8 (Reuters) – Gold eased on Tuesday as the dollar climbed after weaker Chinese trade data, while caution in the run-up to U.S. inflation readings this week also kept appetite for zero-yield bullion subdued.
Spot gold was down 0.1% at $1,934.02 per ounce by 0939 GMT, while U.S. gold futures fell 0.1% to $1,968.90.
“China’s weak trade data has resulted in a general risk-off sentiment. The haven of choice today has been the greenback, which has put pressure on the precious metal,” said FXCM market specialist Russell Shor.
The dollar gained 0.4% but buck-priced bullion’s losses were limited by a downturn in benchmark 10-year Treasury yields from November 2022 highs hit on Friday.
“Gold prices remain under pressure from the recent rise in U.S. bond yields and after Fed’s Bowman said more rate hikes may be needed,” said Saxo Bank’s head of commodity strategy Ole Hansen.
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Source: www.marketscreener.com
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