Fed Rate Hike Expectations Push Gold Prices Down

Gold prices continued their downward trend on September 7, closing at $4,389.9 per ounce, down 39.10 dollars from the previous day.

The US Federal Reserve's (Fed) decision to raise interest rates this month remains a possibility, with traders giving it a 58% probability, up from 50% before the jobs report was released on Friday.

Concerns about inflation remain high as attacks targeting sea transport activities pushed oil prices up. The Fed is expected to release the US producer price index (PPI) data and consumer price index (CPI) next week, which could influence monetary policy prospects.