Gold December futures extend slide as yields rise on mixed data
Gold December futures fell more than 2% to near $4,374 for a fifth daily decline in six sessions. The move followed mixed data, including hotter ISM prices paid, lifting Treasury yields and Sep Fed hike expectations.
Gold futures extended their recent slide on Tuesday, with the December contract falling more than 2% to near $4,374, marking its fifth daily decline in six sessions.
Prices have now pulled back roughly 8% from their August 25 high.
A mixed batch of economic data contributed to the headwind; while ISM manufacturing PMI and JOLTS job openings came in slightly weaker than expected, the ISM prices paid component printed hotter at 71.1.
This persistent inflation signal helped lift Treasury yields and boosted market expectations for a September Fed rate hike to 68%, up from 36% before Jackson Hole.
Attention now turns to Wednesday's ADP employment report and Friday's non-farm payrolls.