Gold Prices Slide Amid Escalating Mideast Tensions
Gold prices declined on Tuesday as investors assessed escalating tensions in the Middle East and awaited key US labour market data that could influence Federal Reserve monetary policy.
Spot gold dropped 0.4% to $4,428.54 per ounce by 0432 GMT, marking its lowest level since August 19. US gold futures edged 0.1% lower to $4,477.20.
Traders are closely watching upcoming data releases, including job openings, the ADP employment report, and nonfarm payrolls, which will provide clues on labour market health and interest rate outlook.
Market analyst Tony Sycamore said that gold has been pressured by Federal Reserve Chair Kevin Warsh's hawkish speech at Jackson Hole and fresh tensions in the Strait of Hormuz, which have boosted oil prices and inflationary expectations.