Gold Prices Stabilize Amid Middle East Tensions and US Labour Market Data
Gold prices stabilized on Tuesday as investors assessed escalating tensions in the Middle East and awaited key US labour market data that could influence Federal Reserve monetary policy expectations.
The spot gold price held steady at $4,454.68 per ounce, after reaching its lowest level since August 19 in the previous session.
US gold futures for December delivery rose 0.5% to $4,503.70.
Market participants are closely monitoring key US data releases this week, including job openings, the ADP employment report, and non-farm payrolls data, which will provide valuable insights into labour market health and interest rate outlook.
The Federal Reserve's decision-making process is under scrutiny, with traders currently assigning a 65% chance of a September rate hike according to the CME FedWatch Tool.