Gold Tumbles as Strong Jobs Data Fuels Rate Hike Bets Ahead of Inflation Report

Gold prices slipped to $4,403 an ounce after stronger U.S. employment data reinforced expectations that the Federal Reserve could keep interest rates higher at its upcoming policy meeting.

The August nonfarm payrolls report showed a 162,000 increase in employment and a 4.1% unemployment rate, shifting attention from gold's recent gains to the Fed's next decision.

With the central bank set to meet on September 15-16, investors are now looking to the upcoming inflation data for clues on the Fed's monetary policy stance.

The U.S. Consumer Price Index (CPI) is scheduled to be released on September 11, four days before the Fed meeting, and a stronger reading could provide additional evidence of price pressures, while a softer report could reduce pressure for another rate increase.