(Bloomberg) — Gold edged lower on Tuesday, following two days of gains on weak US jobs data.
Bullion traded near $3,353 an ounce in London, down 0.6%. Traders are increasingly pricing in US rate cuts after Friday’s weak employment report, assessing a 93% chance that the Federal Reserve will lower benchmark borrowing costs when it reconvenes next month. Lower rates typically boost the price of gold, which doesn’t pay interest.
Bullion has gained nearly 30% this year amid escalating trade wars and geopolitical conflicts, along with central bank buying and bets on rate cuts. Investors and analysts see more gains ahead, with Fidelity International forecasting bullion could hit $4,000 an ounce by the end of next year.
The Bloomberg Dollar Spot Index was up 0.2%. Silver was flat, while palladium and platinum declined.
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