Gold Under Pressure as Rate Hike Bets and Geopolitics Weigh
Gold prices remain under pressure for the second straight day due to rising bets on a Federal Reserve rate hike and heightened geopolitical risks. The US Nonfarm Payrolls report showed that the economy added 162K new jobs in August, surpassing consensus estimates by a wide margin.
This has led to a stronger US Dollar, which is weighing on gold prices. Meanwhile, the widening US-Iran confrontation in the Strait of Hormuz continues to fuel concerns over global security and supports oil prices, further benefiting the safe-haven USD.