Gold held the first gain in three days after a manufacturing gauge in the New York area slumped, clouding the outlook for the timing of higher U.S. interest rates.
Bullion for immediate delivery traded little changed at $1,117.94 an ounce at 8:54 a.m. in Singapore from $1,117.70 on Monday, when prices climbed 0.2 percent, according to Bloomberg generic pricing. Prices rose last week for the first time since June after China devalued the yuan, spurring haven demand.
Gold investors are scrutinizing U.S. data for clues as to when the Federal Reserve will start to tighten policy after bullion prices sank to a five-year low last month. The Fed Bank of New York’s Empire State index unexpectedly dropped in August to the lowest since April 2009, weakening the case for higher borrowing costs. Minutes of the Fed policy makers’ meeting in July are due for release on Wednesday.
Gold futures for December delivery were 0.1 percent lower at $1,117 an ounce on the Comex in New York after a 0.5 percent climb on Monday.
Silver for immediate delivery was little changed at $15.337 an ounce. Spot platinum traded at $999.35 an ounce from $998.92 on Monday, while palladium lost 0.2 percent to $613.90 an ounce.
Source: Bloomberg
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