MANTHANTIPS:- Gold stays lower after U.S. productivity data; Fed rate hike outlook weighs
Gold prices held near a one-week low in North American trade on Tuesday, after data showed U.S. nonfarm productivity declined unexpectedly in the second quarter, while unit labor costs rose more than forecast. Gold for December delivery on the Comex division of the New York Mercantile Exchange fell to a session low of $1,336.00 a troy ounce, the weakest since July 29. It was last at $1,339.35 by 12:42GMT, or 8:42AM ET, down $1.95, or 0.15%. Nonfarm business sector labor productivity fell 0.5% in the second quarter, missing expectations for a gain of 0.4% and following a drop of 0.6% in the first quarter, the Labor Department said. Unit labor costs increased by 2.0% in the three months ended June 30, above forecasts for a gain of 1.8%. A day earlier, gold shed $3.10, or 0.23%, after the latest U.S. employment report bolstered expectations of faster economic growth and revived speculation that the Federal Reserve will raise interest rates this year.