Gold Edges Lower; U.S. Data Likely Next Catalyst

0055 GMT — Gold edges lower in the early morning Asian session, weighed by higher Treasury two- and 10-year yields, which diminish the appeal of the non-interest-bearing precious metal. U.S. economic data such as personal income and spending due later today could be the next big catalyst for gold, in the absence of any shocking Fed commentary, says Craig Erlam, senior market analyst at Oanda, in an email. Also, another Fed rate increase over next couple of meetings is now deemed more likely than not, which has driven the latest USD strength, and gold seems to be paying the price, Erlam adds. Spot gold is down 0.1% at $1,937.84/oz. (ronnie.harui@wsj.com)