Gold continued to trade sideways and frustrate fans and critics in about equal measure. The crises in Ukraine, Gaza and Iraq should be boosting the price but the prospect of a huge week of economic news out of the US is capping any safe haven gains, said traders. Spot gold was about US$5 lower at US$1,303 as US trading got underway. The price climbed back above US$1,300 at the end of last week as the geopolitical situations worsened, but the US data is now the centre of attention. And added to weak demand from China and India, the two largest old markets for physical gold, the price is struggling to make real headway. This week sees the latest meeting of the Federal Reserve interest rate setting committee, which finishes on Wednesday, the latest update on US economic growth and non-farm payrolls for July on Friday. Jobs creation is a key indicator for the Fed and if numbers continue to run at more than 200,000 new additions per month or go even higher, speculation that interest rates are set to rise sooner than expected will be renewed in earnest. Bear of gold expect the US economy to continue to improve, forcing a rate rise on the Fed that will drive up both bond yield and the US dollar. Gold traditionally moves to counter to the US currency and bonds yields. Elsewhere, silver dipped to US$20.65, while platinum added US$8 to 1,483.

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