Gold Prices Slip Amid Middle East Tensions, Await Key US Jobs Data

Gold prices fell on Tuesday as traders took stock of Middle East tensions and awaited key U.S. labour market data that could influence Federal Reserve monetary policy.

Spot gold dropped by 0.4% to $4,428.54 per ounce at 0432 GMT, after hitting its lowest level since August 19 in the previous session.

The upcoming US jobs data, including job openings, the ADP employment report and nonfarm payrolls, will be scrutinized for clues on labour market health and interest rate outlook.

Gold has been under pressure due to 'Fed Chair Warsh's hawkish Jackson Hole speech, plus fresh tensions in the Strait of Hormuz which has brought with it higher oil prices and raised inflationary expectations,' said IG market analyst Tony Sycamore.