Forex
Strong Jobs Data Fuels Bets on Fed Rate Hike, Gold Falls Below $4,400
The strong U.S. jobs data for August has intensified bets on a Federal Reserve rate hike next week, sending gold prices below $4,400 per ounce.
The nonfarm payrolls added 162,000 jobs in August, roughly triple economists' expectations, while the unemployment rate held steady.
Market odds of a Fed rate hike at the September meeting surged to approximately 60% from around 50% on Friday.
Beyond the strong jobs data, escalating Middle East tensions drove Brent Crude toward $97 per barrel, intensifying inflation concerns and further fueling rate hike expectations.