Gold slips as US rate hike looms

Gold prices dropped by more than 2% today, Friday, heading toward weekly losses after U.S. employment data for August showed a significant increase in job numbers, reinforcing expectations that the Federal Reserve will raise interest rates this month. The spot price of gold declined by 2.2% to reach $4,376.04 per ounce, while futures dropped to $4,428.80, with a 65% likelihood of a rate hike during the September meeting—up from 55% before the report was released. Indicators suggest that the U.S. labor market remains stable, supporting the option of tightening monetary policy, as the market focuses on upcoming inflation data. All these factors have led to a decline in the value of the precious metal and affected other metals as well, such as silver, which fell by 3%, and platinum, which dropped by 2%.

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