Gold declines amid rate hike worries

Gold prices declined today due to stronger-than-expected U.S. employment data, which increased the likelihood of the Federal Reserve raising interest rates this month. Following the release of the data, spot gold fell by 1.2% to reach $4,419.09 per ounce, dropping over 2% during the session to an intraday low of $4,364.99. U.S. December gold futures also declined by 1.4%. Employment growth in the U.S. accelerated in August, with the unemployment rate remaining steady at 4.1%, raising the chances of a rate hike at the September meeting to 65% and putting additional pressure on gold prices. Gold is strongly affected by the dollar, which surged after the report, making it more expensive for holders of other currencies. Meanwhile, other precious metals such as silver, platinum, and palladium saw price increases. Markets are now watching upcoming inflation and consumer price data next week to inform monetary policy decisions.

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