Gold Falls Below $4,500 as Strong NFP Report Boosts Rate Hike Expectations

Gold prices struggled to hold above $4,500 after the US Nonfarm Payrolls (NFP) report revealed stronger-than-expected job growth.

The August NFP report showed a gain of 162,000 jobs, significantly exceeding the consensus forecast of 56,000. The July payroll figure was also revised from an initially reported decline to a gain of 21,000.

This stronger employment data increased expectations for a possible September Fed rate hike, putting pressure on the US dollar and Treasury yields and weighing on gold prices.