Gold slips near $4,390 after jobs data lifts Fed hike odds

Gold fell to around $4,390 an ounce on Monday, with trading volumes subdued due to a US holiday, after a stronger-than-expected US jobs report pushed bond yields higher and boosted expectations for a Federal Reserve rate hike this month. 1%. Traders now see nearly a 60% chance of a rate hike at the Fed’s policy meeting next week, up from about 50% before Friday’s jobs data, according to the CME FedWatch Tool. Investors are now awaiting PPI and CPI data later this week for further clues on the Fed’s policy path.

Inflation concerns remain elevated, with crude oil prices touching a near three-month high after the US and Iran exchanged strikes on shipping over the weekend. 73 million fine troy ounces.