Gold prices slipped on Thursday in Asia but regained the $1,500 level overnight after weak data from the U.S. and Hong Kong dampened investor sentiment.
Gold futures for delivery on the Comex exchange were $1,505.05 by 12:31 AM ET (04:31 GMT), down 0.2%.
The safe-haven metal traded higher earlier in the day after weaker-than-expected report on private-sector hiring in September, combined with Tuesday’s disappointing ISM Manufacturing PMI data, sent stocks lower.
The weak data increased the likelihood of more rate cuts from the U.S. Federal Reserve. According to Investing.com’s Fed Rate Monitor Tool, the implied probability of another cut before the end of the year is now around 87.5%, while the chance of action already at the October Federal Open Markets Committee Meeting has risen to just under 75% from 64% a week ago.
Source : Investing.com