Gold Market
Gold dropped more than 0.4% on Monday after Friday’s US jobs report beat expectations, boosting bets that the Federal Reserve will raise interest rates again. Markets now price a 60% chance of a move in September.
Gold opens the week near $4,400, caught between rate hike fears from strong US jobs data and support from a stable dollar. Technical indicators suggest consolidation.
Gold and silver prices fell as stronger US jobs data boosted expectations of higher interest rates. Analysts see a sideways trend ahead of US inflation data and the Fed's September meeting.
Gold dropped nearly $100 on Friday after a surprise surge in US nonfarm payrolls boosted rate-hike expectations. The metal is set for a second consecutive weekly loss, and traders now look to next week's inflation data.
Gold steadied near $4,387 an ounce after President Trump signalled no prolonged Middle East war, easing inflation concerns. A softer dollar and mixed jobs data also supported the metal.
Gold fell to a two-week low below $4,300/oz as higher oil prices revived US inflation concerns and reduced expectations of near-term Fed easing. ING strategists note profit-taking but see medium-term support from rate expectations, central bank buying and geopolitical uncertainty.
Gold dropped 0.5% on Monday as rising oil prices from Middle East tensions stoked inflation fears and bets on a September Federal Reserve rate hike, though Treasury buybacks offered some support.
Gold steadied near $4,450 an ounce on Monday after suffering its steepest loss in over two months, as Fed Chair Kevin Warsh's commitment to fighting inflation drove bets on a September rate rise.
Gold snapped a five-week winning streak, falling 3.4% as Fed comments on inflation and possible tightening spooked markets. Despite the drop, gold remains up 30% year-over-year.