Gold and dollar fall ahead of data and rate hints

Gold prices dipped slightly as investors await the release of U.S. inflation data this week, which will influence the Federal Reserve's decision on interest rate hikes. The spot gold price fell to $4,392 an ounce, while futures declined to $4,448. This move follows data showing that the U.S. labor market is accelerating its growth, with the unemployment rate remaining steady at 4.1%, thereby increasing the likelihood of rate hikes. Such a scenario reduces gold's attractiveness since it does not generate income. Meanwhile, the market is currently pricing in a 58% chance of a rate hike at the September meeting, amid ongoing tensions in the Middle East affecting the dollar's performance, which has remained under pressure despite expectations of a rate increase.

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