Gold rises 1% on US jobs forecast

Gold prices increased by over 1% to approximately $4,435 per ounce, supported by a weakening dollar and lower U.S. Treasury yields, ahead of the upcoming U.S. non-farm payrolls report scheduled for Friday. This report is considered crucial for the Federal Reserve's decision on interest rate hikes, with expectations indicating a roughly 62% chance of a rate increase in September, which could negatively impact gold prices. If the report shows weaker-than-expected figures, gold could climb to levels of $4,500 or even $4,700 per ounce, while a strong report would boost the chances of a rate hike and put downward pressure on the precious metal's price. Gold remains supported also due to geopolitical tensions, especially considering the potential risks of military escalation against Iran, which enhances its status as a safe haven asset.

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