Gold Price Steady Ahead Of Jobs Report, Beige Book

Washington (May 30)  Gold prices were steady Wednesday morning amid speculation the Federal Reserve will refrain from four rate hikes in 2018 due to the Italian fiasco.

Italy's political crisis has raised concerns about the viability of the euro zone. The dollar has thus strengthened against the euro, denting gold prices.

July gold was down USD2 at USD1301 an ounce.

Eurozone economic sentiment weakened to a 9-month low in May, survey results from European Commission revealed Wednesday.

The economic confidence index dropped to 112.5 in May from 112.7 in April. This was the lowest reading since August 2017 but above the expected score of 112.0.

Looking at the US economic calendar, ADP employment data for May and revised first-quarter GDP today, and the Fed's Beige Book are on tap.

AllianceNews