Gold Prices Plummet on Robust US Jobs Data and Higher Rate Hike Odds

Gold prices tumbled to near $4,410 on Tuesday's early Asian session following a stronger-than-expected US Nonfarm Payrolls report for August.

The robust jobs data bolstered expectations of a Federal Reserve interest rate hike this month, with traders pricing in a 60% probability of an increase next week, according to the CME FedWatch tool.

This development reinforced the view that gold has become less appealing as investors seek higher-yielding assets, said Ole Hansen, head of commodity strategy at Saxo Bank.

Analysts at Societe Generale argue that gold has entered a new phase of its bull run, driven by structural conviction across various market participants.