Gold holds ground after 3% drop on Warsh's hawkish stance
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FUNDAMENTALS Spot gold held its ground at $4,455.29 per ounce by 0011 GMT after hitting its lowest level since August 19 earlier in the session. U.S. gold futures for December delivery fell 0.6% to $4,504.90. The U.S. central bank will "have work to do" if policymakers don't get the confidence they need that inflation is heading down to 2%, Fed Chair Warsh said on Friday, coming closer than he has to acknowledging interest rate hikes may be needed to ease price pressures. Markets currently see a 57% chance of a rate hike at Fed's next policy meeting in September, compared with 36% prior to Warsh's comments, according to the CME FedWatch tool. Higher interest rates often weigh on gold prices since holding a non-yielding asset becomes less attractive. A series of U.S. labour market reports is due this week, including job openings, the ADP employment report, weekly jobless claims and nonfarm payrolls data. Iran condemned the United States' new economic sanctions on Friday as "state terrorism" while its supreme leader said he was banning acts that could harm "social cohesion" amid concern that more financial pain could spark unrest at home. Among other metals, spot silver was flat at $66.34 per ounce, platinum edged 0.1% higher at $1,822.46, while palladium gained 0.2% to $1,424.89. DATA/EVENTS (GMT) 0130 China NBS Manufacturing PMI August 1200 Germany CPI, HICP Prelim YY August (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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