Gold holds near $4,400 as US jobs data weighs on prices
Gold remains pinned near $4,400 as traders await US producer price data, amid a widening gap between economist surveys predicting a Fed hold and market tools pricing in a likely rate hike. While Middle East tensions persist, analysts suggest central bank buying remains a stronger support for the metal than safe-haven demand.
InvestingLive highlights a significant disconnect between the consensus of economists polled by Reuters, who expect the Fed to hold rates steady through year-end, and the CME FedWatch Tool, which still prices in a 60% chance of a hike this month. The report also notes that while the US-Iran conflict continues, safe-haven flows have been a secondary driver for gold this year compared to central bank purchases and dollar dynamics.
Source: GN auto markets/commodities: gold pricesPer the latest GN auto markets update, spot gold has stabilized at $4,400.32 as traders brace for upcoming US inflation data that will inform the Federal Reserve's September 14-15 meeting, where a rate hike is currently priced at roughly 65%. The metal's resilience comes despite rising 10-year Treasury yields and the dollar's slight weakness, reflecting a market caught between hawkish monetary policy expectations and ongoing geopolitical risks in the Middle East.
Source: GN auto markets/commodities: gold pricesSpot gold trades around $4,400 per ounce after dipping below $4,380. Strong US employment figures and rising oil prices keep the metal under pressure despite a slight rebound.
Source: GN auto markets/commodities: gold prices
