Gold Slips After Two-day Rally
(RTTNews) - Gold was subdued on Tuesday after two consecutive sessions of gains on receding Fed hike bets and reports suggesting that China's central bank stepped up gold purchases in July.
Spot gold dipped 0.3 percent to $4,375.22 an ounce while U.S. gold futures were up 0.3 percent at $4,432.15.
Investors kept a close eye on the Middle East crisis and braced for the release of key U.S. economic data this week that could influence the Federal Reserve's rate trajectory.
Brent crude futures topped $90 a barrel amid fading hopes for a deal between Washington and Tehran to reopen the Strait of Hormuz, a critical waterway for global energy supplies.
Iran said a pact with Oman to establish a shipping route through the critical waterway was "very close," while rejecting direct negotiations with Washington until several conditions are met.
U.S. President Donald Trump said the U.S. is semi-negotiating with Iran and wants Iran to remain under economic pressure.
After Tehran sought financial compensation over damages incurred during the U.S.-Israeli military operations in the country, Trump said he has instructed American representatives to firmly include compensation demands from Iran in any future negotiations, complicating efforts to reopen the crucial waterway.
In economic releases, the U.S. Labor Department is scheduled to release reports on consumer and producer inflation on Wednesday and Thursday, respectively, followed by July retail sales and the University of Michigan's consumer sentiment index on Friday.
On the heels of last Friday's surprisingly weak jobs report, the aforesaid readings could impact the outlook for interest rates.
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