Gold price lower ahead of key China-US data events

LONDON (August 7) Gold extended losses today, but has recovered slightly from last week before the release of key economic data from the US and China as the market struggles for clear direction.

Looking at the gold price chart today, gold is down about 0.35% today and it's trading around $1,936 an ounce. So, rising US treasury yields driven by concerns over higher interest rates and a US ratings downgrade has weighed on gold prices in recent sessions and a recovery in the US dollar has also put pressure on gold.

Worst peformace in a month

On Friday, the precious metal saw some relief following weaker than expected US non-farm payrolls data. However, it still closed the week about 1% lower, marking its worst performance in over a month. Although since the start of the year, gold has gained about 8%.

IG