Gold drops amid US jobs data expectations
Gold prices declined today, Tuesday, by 0.43% to approximately $4,429.85 per ounce, amid market anticipation of this week's U.S. labor market data, including the non-farm payroll report and job vacancy figures, which will influence the trajectory of U.S. interest rates. The decline came after last week saw gold reach its highest level in over three months, influenced by the hawkish speech of the Federal Reserve Chair and escalating tensions in the Middle East, particularly in the Strait of Hormuz, which heightened inflation expectations. It is expected that the U.S. central bank will raise interest rates two to three times in the coming months, putting pressure on gold prices as it reduces its appeal as an inflation hedge. Additionally, gold futures slipped by 0.1% to $4,477.20 per ounce, while oil prices increased, along with other metals such as silver and platinum, with palladium remaining stable.
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