Gold Stabilizes Near $4,400 Amid Strong Jobs Data and Iran Tensions
Gold prices stabilized near $4,400 an ounce on Monday as investors digested strong US job numbers and rising tensions in the Middle East.
The August payrolls report showed a higher-than-expected 162,000 jobs added to the economy, bolstering expectations for a Federal Reserve rate hike at its upcoming meeting on September 15-16. Markets now price around a 60% probability of a rate increase.
A stronger dollar, meanwhile, continues to pose a headwind for gold as it makes dollar-priced bullion more expensive for buyers in other currencies.
Investors are also eyeing the latest skirmishes in the Strait of Hormuz, where Iran attacked several oil tankers on Friday. This has raised concerns about energy costs and inflation pressures, potentially influencing the Fed's decision to raise interest rates.