Gold Prices Stabilize Near Seven-Week Low Ahead of US Data

Gold prices steadied on Tuesday near a seven-week low as investors awaited US economic data. The metal inched up 0.4% to $4,130.58 per ounce.

The Federal Reserve's interest rate decision continues to influence gold prices, with markets seeing a 72.5% probability of a Fed rate hike in October, according to the CME's FedWatch Tool.

Geopolitical developments will remain crucial for gold, as continued tensions could keep energy prices and yields elevated, while meaningful progress towards de-escalation could ease pressure, said Christopher Tahir, senior market strategist at Exness.