US stock futures dip as Nvidia earnings spark little cheer
Investing.com-- Gold prices slipped slightly Tuesday, consolidating after three days of gains, underpinned by growing expectations that the Federal Reserve will deliver a rate cut in September amid U.S. economic concerns and intensifying trade tensions.
At 05:00 ET (09:00 GMT), Spot Gold was 0.2% lower at $3,364.65 an ounce, while Gold Futures for December were also down 0.2% to $3,419.02/oz.
Gold supported by Fed cut bets, tariff tensions
Bullion has risen in the last three consecutive sessions, with an over 2% jump on Friday after the release of U.S. nonfarm payrolls data.
Data on Friday showed that U.S. nonfarm payrolls rose by just 73,000 in July, well below forecasts, accompanied by downward revisions to May and June figures. The unemployment rate ticked up to 4.2%, reinforcing fears of a slowing U.S. economy.
The weak data resulted in markets pricing for a 92% probability of a Fed rate cut in September, according to the CME FedWatch tool.
Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, making bullion more attractive to investors.
The US Dollar Index traded marginally higher after sharp losses in the last two trading days, making gold cheaper for overseas buyers.
Trade policy developments also lent support, as fresh threats to raise tariffs on India over its purchases of Russian oil further rattled markets, enhancing bullion’s safe-haven demand.
Metal markets subdued
Platinum Futures fell 0.9% to $1,329.20/oz, while Silver Futures edged up 0.4% to $37.478 per ounce.
Benchmark Copper Futures on the London Metal Exchange slipped 0.3% to $9,675.33 a ton, while U.S. Copper Futures were 0.2% lower to $4.4288 a pound.
U.S. copper prices plunged 20% last week after President Trump excluded refined metal from his planned 50% import tariff on the metal.
Peter Nurse contributed to this article