Gold Prices Steady Amid Rising Tensions and US Jobs Data
Gold prices remained steady on Tuesday as traders awaited key US labour market data and monitored rising tensions in the Middle East. Spot gold was down 0.3% at $4,437.10 per ounce by 0235 GMT, its lowest level since August 19.
The US jobs report is expected to provide clues about the health of the labour market and influence Federal Reserve monetary policy expectations. Traders currently see a 66% chance of a U.S. rate hike in September and an 89% probability in December, according to the CME FedWatch Tool.
Gold has been under pressure due to hawkish comments from Fed Chair Kevin Warsh at the Jackson Hole conference. IG market analyst Tony Sycamore noted that 'one hike in isolation should not be a game changer for gold. Two or three might be.'