by Sybilla Gross
Gold steadied as investors weighed concerns about the US fiscal position together with prospects for the Federal Reserve’s monetary easing path ahead of key economic data.
Bullion was little changed near $3,330 an ounce — following a gain of 2% over the previous two sessions — after the Senate passed President Donald Trump’s multitrillion-dollar tax bill on Tuesday. The legislation — which is expected to widen the deficit by $3.3 trillion over the next decade — now heads to the House. If it passes, that could benefit gold’s appeal as a haven.
Investors were also focused on the US June employment report due Thursday. The figures are expected to show a slowdown in payrolls growth and uptick in unemployment, which may bolster the case for cuts by the Fed. It would follow a stronger-than-expected job openings print on Tuesday that reduced hopes for a July cut. Lower borrowing costs tend to benefit the non-yielding commodity.
Gold is up by more than a quarter this year, and is trading around $170 short of a record set in April, supported by demand for havens as investors grappled with heightened geopolitical and trade tensions. The rally has also been supported robust central-bank purchases, as well as inflows into bullion-backed exchange-traded funds.
Meanwhile, investors continued to monitor US trade talks, with Trump saying he was not considering delaying a July 9 deadline for higher tariffs. Still, there are signs that traders are becoming less worried by the president’s unpredictable stance on levies, as the economy remains broadly healthy.
Spot gold was little changed at $3,330.13 an ounce at 8:19 a.m. in London. The Bloomberg Dollar Spot Index edged up 0.1%, but is down 0.5% so far this week. Silver and platinum were flat, while palladium gained.
Copyright Bloomberg News
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