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Forex

Gold Prices Steady Amid Middle East Tensions and Labor Market Data

Guavy AI Editorial Team
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USD
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Gold prices steadied on Tuesday as traders assessed Middle East tensions and awaited key US labour market data. The metal held steady at $4,454.68 per ounce after hitting its lowest level since August 19 in the previous session.

The US job market is a crucial indicator for the Federal Reserve's monetary policy, and this week's key data releases will be closely watched for clues on labour market health and interest rate expectations.

Traders currently see a 65% chance of a September US rate hike, according to the CME FedWatch Tool. This would boost yields on bonds and potentially weigh on gold prices.

The situation in the Middle East is also having an impact on gold prices, with tensions between the US and Iran causing concerns about global economic stability.

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