Gold hits 7-week low ahead of US data

Gold prices rose today by 0.39%, reaching $4,131.34 per ounce, but remain close to their lowest level in over seven weeks, amid investor anticipation of important American economic data. This comes amid concerns that U.S. interest rates may continue to rise due to rising oil prices and inflation, with the Federal Reserve likely to keep increasing rates, which puts pressure on gold prices since it is an asset that does not generate yield in a high-interest rate environment. The market forecasts a 72.5% chance of interest rate increases in October, as investors await U.S. consumption and employment data to guide their future decisions.

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