Gold futures maintained losses on Monday, despite data showing that
manufacturing activity in the Chicago-area eased slightly this month.
Comex gold for December delivery was last down $5/00, or 0.43%, to trade at $1,129.10 a troy ounce during U.S. morning hours.
Earlier, market research group Kingsbury International said its Chicago purchasing managers’ index dipped by 0.3 points to 54.4 in August from a reading of 54.7 in July. Economists had expected the index to hold steady at 54.7 this month. A reading above 50.0 indicates expansion, and the one below indicates contraction.
Investors were now awaiting Friday’s U.S. jobs report for August, which could help to provide clarity on the likelihood and timing of a near-term interest rate hike.
The consensus estimate is that there have been added 220,000 in August, following a rise of 215,000 in July, while the unemployment rate is predicted to decline to 5.2% from 5.3%.
Economists see monthly jobs gains above 200,000 to be consistent with strong employment growth.
