Gold Little Changed Near Eight-month Lows

CommodityGeopolitics
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Summary · why it matters

Gold prices were little changed on Tuesday, hovering near their lowest level in nearly eight months. Spot gold was little changed at $4,016 an ounce, down more than 11 percent so far in June, marking its fourth consecutive monthly fall and the biggest quarterly drop since April 2013. U.S. gold futures were down 0.2 percent at $4,031 an ounce. The market remains under pressure from Fed rate hike jitters and lingering U.S.-Iran tensions over the control of the Strait of Hormuz, with talks between the two nations in Doha appearing uncertain after a recent exchange of fire. Traders also await a slew of key U.S. data this week, including the June jobs report on Thursday, which is expected to show payroll gains slowing to 75,000 from 172,000 in May, with the jobless rate holding steady at 4.3 percent.

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