Commodities
Gold Slips as Strong US Jobs Data Boosts Fed Hike Bets
Gold prices fell on Monday after a strong US jobs report boosted expectations of a Federal Reserve interest rate hike this month.
The FedWatch Tool, which tracks probability of an interest rate hike, shows a 58% chance of a rate increase at the central bank's policy meeting next week, up from 50% before the jobs data was released on Friday.
Ole Hansen, head of commodity strategy at Saxo Bank, said 'Gold and silver have moved in the opposite direction to energy prices, extending their declines after Friday’s strong US jobs report lifted bond yields and reinforced expectations of a Fed rate hike on 16 September.'