Commodities
US Jobs Data Dims Gold Prices Amid Rate Hike Bets
Gold prices have fallen due to strong US jobs data that has boosted bets on Federal Reserve rate hikes.
The US Labor Department reported a better-than-expected employment gain in August, with nonfarm payrolls increasing by 201,000. This data suggests the economy is still growing strongly, which could lead to higher interest rates as the Fed aims to control inflation.
As a result, gold prices have fallen, as investors sell their bullion holdings and seek safer assets that will benefit from rising interest rates.