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Forex

Fed Hike Bets Send Gold Plummeting to $4,410

Guavy AI Editorial Team
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USD
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Gold prices fell to around $4,410 on Tuesday in early Asian trading after stronger US labor data lifted expectations of tighter Federal Reserve policy.

The August Nonfarm Payrolls rose by 162K, beating the 56K consensus, and keeping the Unemployment Rate steady at 4.1%.

Market pricing for a Fed hike next week rose to 60%, according to CME FedWatch, increasing pressure on gold prices.

The upcoming US PPI and CPI releases will be closely watched as firmer inflation would support the US Dollar and put downward pressure on gold.

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