Gold steady amid market focus on US inflation reports
Business
Gold prices are holding steady this Monday after hitting a seven-week high last week.
Right now, everyone's watching for new US inflation numbers (like the CPI and PPI reports), since these could hint at what the Federal Reserve might do with interest rates next.
Weaker US jobs drove gold rally
Last week's big more than 7% gain in gold was sparked by weaker-than-expected US jobs data, which made a September rate hike less likely.
Lower rates usually make gold more attractive as a safe place to park money.
On the global front, Iran and Oman are talking about reopening shipping lanes through the Strait of Hormuz, but Iran wants US sanctions lifted first.
Meanwhile, silver edged up 0.5%, platinum ticked higher, and palladium slipped a bit.