US Jobs Data and Middle East Tensions Pressure Gold Prices

Gold prices plummeted on September 1 as investors weighed renewed Middle East tensions against a data-heavy US week that could reshape expectations for interest rates.

The spot gold price fell by 0.4% to $4,428.54 per ounce, while U.S. gold futures lost 0.1%, trading at $4,477.20 per ounce.

Market participants are closely watching key US employment data releases this week, including figures on job openings, the ADP employment report, and nonfarm payroll numbers.

Last week's strong jobs data and hawkish statements from Federal Reserve Chair Kevin Warsh pushed gold prices lower.