Gold Plunges to $4,410 as Robust US Jobs Data Triggers Fed Hike Odds

Gold prices dropped to near $4,410 in early Asian trading on Tuesday after a stronger-than-expected US jobs report boosted expectations of an interest rate hike by the Federal Reserve this month.

The August Nonfarm Payrolls (NFP) data showed a rise of 162K, surpassing the market consensus of 56K and an upwardly revised increase of 21K in July.

According to the CME FedWatch tool, the probability of a rate hike at the Fed's policy meeting next week rose to 60%, up from 50% before the jobs data was released on Friday.