Gold climbed to intraday highs on Tuesday afternoon in London but remains locked in a tight range either side of $1,120 while the main focus of the market remains next week’s meeting of the US Federal Open Market Committee.
The spot gold price was last at $1,124.50/1,124.90 per ounce, up $4.50 or 0.4 percent on Monday’s close. Trade has ranged from $1,118.7 to $1,124.3 so far.
Market participants are likely to remain on the sidelines until the FOMC meeting – members are contemplating whether to raise the Federal Funds rate for the first time since 2006.
Earlier today, the latest Chinese trade data further underlined the slowing pace of growth in the country – imports fell 14.3 percent in August in yuan-denominated terms while exports fell 6.1 percent.
Elsewhere, the German trade balance was better than expected but the French number disappointed. The EU revised GDP for the second quarter was 0.4 percent against the previous 0.3 percent.
From the US, the NFIB small business index in August at 95.9 was in line with estimates of 96 and labour market conditions at 2.1 were up from the previous reading of 1.8.
As for the other precious metals, silver was up 18 cents at $14.69.14.74 per ounce. Platinum at $1,001/1,006 was up $17 and palladium at $587/592 was $8 higher.
(Editing by Mark Shaw)
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