Gold Prices Remain Near Seven-Week Low Amid Interest Rate Concerns
Gold prices continued to hover near their seven-week low on Tuesday due to concerns over higher interest rates. The precious metal remained little changed at $4,124.57 per ounce as of 0140 GMT, after hitting its lowest level since August 5 in the previous session.
The Federal Reserve's decision to potentially keep interest rates higher for longer has led to increased pressure on gold prices. Fed Governor Lisa Cook expects continued inflationary pressure in the coming months due to AI-related demand and higher oil prices.
Investors are awaiting a series of US economic data, including job openings, ADP employment, PCE figures, and nonfarm payrolls, for fresh signals on monetary policy. A 70.3% probability of a Fed rate hike in October is currently seen by markets.