Gold Eases Ahead Of Trump-Biden Debate

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Gold prices eased on Monday as investors shifted focus to upcoming data and the first presidential election debate between U.S. President Donald Trump and his Democratic rival Joe Biden for directional cues.

Spot gold eased 0.2 percent to $1,859.03 per ounce, while U.S. gold futures were down 0.3 percent at $1,861.40.

The dollar index was slightly off a two-month peak hit last week as strong industrial profits data from China helped offset rising tensions between Beijing and Washington.

Profits at China’s industrial firms grew for the fourth straight month in August, buoyed in part by a rebound in commodities prices and equipment manufacturing, official data showed on Sunday.

The Labor Department’s monthly jobs report is likely to be in the spotlight this week, although reports on consumer confidence, pending home sales, personal income and spending and manufacturing activity may also attract attention.

Traders also await the first U.S. presidential debate set for Tuesday, which could prove crucial in determining November’s election. Many remain worried that a close vote might mean the result is delayed or even challenged by the loser.

On the stimulus front, U.S. House Speaker Nancy Pelosi has expressed optimism Sunday that she hopes to find common ground for agreement with Treasury Secretary Stephen Mnuchin.

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