WASHINGTON (dpa-AFX) - Gold prices inched higher on Tuesday despite a firmer dollar and higher bond yields. Spot gold rose 0.2 percent to $2,503.56 per ounce while U.S. gold futures were up 0.3 percent at $2,535.80.
Risk-off sentiment prevailed in financial markets as traders braced for key data releases this week that could offer more insight about the health of the world's largest economy and the Federal Reserve's policy path.
U.S. S&P Global manufacturing PMI report for August, ISM manufacturing PMI for August and U.S. construction spending for July all are slated for release in the New York session.
Thursday's ADP Employment change, weekly jobless claims figures and the ISM Services PMI print are also eagerly awaited.
Friday's U.S. jobs report is crucial as an apparently cooling labour market might reignite recession fears and fuel speculation of a 50-basis point rate cut in mid-September.
Money markets currently expect the Fed to cut rates by 25 basis points (bps) in September, with odds of a 50-bps cut diminishing further after last week's data.
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