Gold stays near $4,400 amid rate worries

Gold prices remained stable near $4,400 per ounce, balancing geopolitical risks in the Middle East with expectations of a Fed interest rate hike following strong employment data announced in August, when the US economy added 162,000 jobs. The market currently assigns about a 60% probability that the Federal Reserve will raise interest rates at its mid-September meeting, especially as crucial inflation data approaches. Escalating maritime tensions and threats to oil tankers in the Strait of Hormuz serve as a safe haven for gold, while Brent crude prices have risen to around $97, supporting forecasts of gold reaching record levels that could potentially hit $5,000 in the future.

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