Gold drifts lower from seven-week peak, US inflation data looms

Gold slipped on Monday as investors took profits after prices hit ‌a seven-week high in the previous session, while markets looked to US inflation data for fresh clues on the Federal Reserve’s interest rate path. Spot gold was down 0.5% at $4,322.28 per ounce, as ​of 0200 GMT. Prices hit their highest since June 17 on Friday after ​weaker-than-expected U.S. jobs data. US gold futures fell 0.4% to $4,381.60 on ⁠Monday. “Gold is edging slightly lower as it succumbs to some profit-taking following last ​week’s strong NFP-inspired gains. This looks like a natural stabilisation rather than a meaningful ​shift in sentiment - I expect gold to remain supported above the $4,300 level in the near term,” said Tim Waterer, chief market analyst at KCM Trade.