Gold Prices Slip Below $4,500 Amid US Dollar Uptick and Awaits Key Employment Data

Gold prices continue to hover below $4,500 as the commodity snapped a two-day winning streak. The modest rise in the US Dollar index has contributed to gold's defensiveness. Despite this, gold remains close to its weekly high, which it reached the previous day.

The market is awaiting the release of the closely watched US monthly employment details, particularly the Nonfarm Payrolls (NFP) report. This data will provide crucial insights into the Fed's policy path and may impact investor expectations for a September rate hike. Currently, there are receding bets on a rate hike.

The UK S&P Global Construction PMI reported a reading of 44.3 in August, falling short of expectations at 45.9. This development may have implications for the broader economy, but its direct impact on gold prices is unclear.