Gold trades above $3,375.
Gold reversed early losses to trade above $3,375 an ounce on Tuesday, its highest level since July 23, as growing expectations that the Federal Reserve will cut interest rates boosted demand for the precious metal.
• The ISM Services Purchasing Managers' Index (PMI) for July showed near-stalled growth, with employment declining and price pressures rising, adding to signs of a slowing labor market after a weaker-than-expected jobs report.
• This weak data reinforced market bets that the Federal Reserve could cut interest rates twice before the end of the year, with the first move possibly coming in September.