Gold Nudges Higher Even As Dollar Consolidates Gains

Washington (Sept 29)  Gold futures inched higher Monday morning ahead of this week's deluge of US economic data.

Gold has fallen sharply of late amid an unusually rapid strengthening of the dollar, which extended its 6-year highs against the major rivals this morning.

Despite the stronger dollar, gold for December delivery was up  USD3.10  to  USD1,218.50  an ounce. Last week, gold touched its lowest since January, bottoming out at  USD1,208  .

December silver lost cents to  USD17.55  an ounce.

On the economic front, several first-tier economic data are scheduled for release in the unfolding week, including the  Labor Department's  non-farm payrolls report for September.

ADP's private payrolls data for September, and the results of the  Institute for Supply Management's  manufacturing survey are also among the highly anticipated releases.

Traders expect the data will be generally positive, putting further pressure on the Federal Reserve to raise interest rates ahead of schedule.

Source: RTTnews