Gold Stays Flat as Markets Await Key Inflation Data
US gold prices were relatively flat on Monday as investors awaited key inflation data due later this week for clues on the Federal Reserve's interest rate path. Spot gold was almost unchanged at $4,424.40 per ounce, while US gold futures for December delivery were down 0.1% at $4,471.60.
The latest jobs report showed a sharp acceleration in US job growth in August, with the unemployment rate holding steady at 4.1%. This has kept a rate increase this month on the table, and traders are pricing in a 58% chance of a hike at the Fed's September 15-16 meeting.
However, higher interest rates tend to weigh on the appeal of non-yielding bullion like gold. US President Donald Trump also weighed in, saying that unless the Fed cuts interest rates, he would stop trading with countries having a deficit with the United States.