Gold keeps to 2-year peak
On Wednesday, gold prices held steady below a two-year peak as market participants looked ahead to key American data later in the session to estimate the overall health of the world's number one economy and whether it’s sturdy enough to justify another interest rate lift later this year.
December delivery gold futures in New York tumbled 0.19%, trading at $1,370.05 per troy ounce. Yesterday, gold leapt to $1,374.20, the greatest value since July 11, when prices soared to a more than two-year peak of $1,377.50.
The US is due to publish the ADP jobs data for July soon, with market experts expecting a revenue of about 170,000 private sector payrolls.
Additionally, the U.S. Institute of Supply Management is expected to post a report on service sector growth for July, amid hopes for a moderate decline.
Prices of the number one yellow metal have been backed during recent trading sessions amid waning hopes that the Fed will increase its interest rates soon after data that revealed that the US economy surged much slower than expected during the second quarter.