Commodities
Gold Prices Stable Amid Fed Rate Hike Expectations, Crude Oil Surges
Gold prices remained stable at around $4,400 an ounce on Monday as strong US jobs data and escalating tensions in the Strait of Hormuz boosted expectations for a Federal Reserve rate hike. Markets are pricing in a 60% chance of a September hike.
Crude oil prices surged above $91 a barrel after rising 9.7% last week, due to concerns over prolonged disruptions to energy shipments through the Strait of Hormuz.
The strong US jobs data reinforced expectations of a Fed rate hike this month, weighing on industrial metals such as copper, which fell to around $6.55 per pound.