Forex
Gold Falls Amid Expectations of Fed Rate Hike
The price of gold in the US fell by 0.6% to $4,402.86 per ounce on September 7, as strong employment data reinforced expectations of a Federal Reserve rate hike.
The US Labor Department reported that employment growth accelerated noticeably in August, with the unemployment rate remaining at 4.1%. This has kept open the possibility of a rate hike this month.
CME's FedWatch tool shows traders estimate the probability of a rate hike at the Federal Reserve meeting on September 15-16 at 58.4%.