Commodities
Gold Prices Plummet Amid Rate-Hike Bets and Mideast Tensions
Gold prices fell by 0.8% to $4,396.30 an ounce on September 7, following stronger-than-expected US jobs growth and rising tensions in the Middle East.
The data showed a surge in US nonfarm payrolls in August, bolstering the argument for the Federal Reserve to raise rates at its upcoming meeting on September 15-16.
As a result, traders increased their rate-hike bets, pricing in a roughly 60% likelihood of an increase in September. Higher borrowing costs typically undermine support for bullion, as gold doesn't pay interest.