Gold stays near $4,400 as Fed hike odds rise
Gold traded near $4,400 an ounce after a prior-session decline of about 1%, pressured by rising bets for an imminent September Fed rate hike after stronger US jobs data. Markets lifted odds to roughly 60% from around 50%.
Gold traded near $4,400 an ounce on Monday after falling about 1% in the previous session, with markets increasingly expecting an imminent Federal Reserve interest rate hike after stronger-than-expected US jobs data last week. Friday's data showed US nonfarm payrolls rose by 162,000 in August, after an upwardly revised gain of 23,000 in July and versus market expectations for 56,000. 1%, though the decline was smaller than economists had anticipated. Markets lifted bets on a September Fed rate hike to about 60%, from around 50% before the data release.
Gold also faced pressure from higher oil prices after the US and Iran exchanged strikes on ships over the weekend, raising concerns about renewed inflationary pressures.