Gold Prices Slip Below $4,400 as Fed Rate Hike Expectations Rise

World gold prices continued to slide in the first trading session of the week, struggling to hold above the $4,400 per ounce mark. The precious metal declined 0.77% by 8:05 am on September 7th Vietnam time, reaching $4,396.39 per ounce. In contrast, December gold futures dropped by 0.40%, settling at $4,458.89 per ounce.

The US job data released over the weekend has increased expectations of a Federal Reserve interest rate hike in September, putting more pressure on gold prices. Although the greenback initially rebounded after the jobs report, it is weakening again, helping to alleviate some of the downward momentum on gold.

Gold's decline into the first week has been ongoing since its brief recovery above $4,000 per ounce in July. The metal now finds itself within a relatively narrow range, and any developments around the $4,400 mark may indicate the balance between buying and selling forces in the market.