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Gold falls ahead of inflation reports
Gold prices declined today after the strong U.S. jobs report boosted expectations that the Federal Reserve will raise interest rates in September. The spot price of gold fell by 0.4% to $4,407.98 per ounce, while December futures decreased by 0.5% to $4,453.10. These drops come amid investor anticipation for inflation data, which will influence the decision to hike rates, with a 60% chance of an interest rate increase at the upcoming Federal Reserve meeting. This follows August job growth reports showing a sharp increase, while the unemployment rate remained steady at 4.1%. Although gold is traditionally seen as a hedge against inflation, rising interest rates reduce its attractiveness, and prices of other metals are also affected by economic risks and international tensions.
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