Saudi Arabia Slashes August Crude Prices for Asia -2-

0736 GMT - Gold futures rise after posting their first weekly gain since May, as weaker U.S. jobs data and lower oil prices reduced expectations of interest-rate hikes by the Federal Reserve. The sharp drop in crude prices--driven by the recovery of flows through the Strait of Hormuz and OPEC+'s decision to hike output--eased concerns over inflationary pressures and strengthened the case for lower interest rates, providing a tailwind for non-yielding assets. Still, "short-dated U.S. bond yields still signal the risk of a rate hike later this year," analysts at Saxo Bank say. "A further easing in those expectations is needed to support bullion, which for now continues to consolidate." In early trading, New York gold futures rise 1% to $4,166 a troy ounce. (giulia.petroni@wsj.com)

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