Gold rises for fourth week
Gold prices continue to achieve gains for the fourth consecutive week, reaching their highest levels in about two months supported by U.S. labor market data that came in below expectations. This has reinforced expectations of a slowdown in the pace of monetary tightening. The yellow metal also received additional support from a decline in the dollar and a drop in Treasury bond yields, as well as optimism regarding the possibility of reopening the Strait of Hormuz following recent declines in oil prices over the past sessions. Gold prices rose notably, with the spot price per ounce reaching $4,285.69, while U.S. December futures stood at $4,345.50. The probability of a U.S. interest rate hike has decreased to 55% for September, amid a slowing labor market and expectations of rate hikes in October and December. Gold remains 24% below its all-time high, and its future outlook largely depends on the results of the non-farm payrolls report expected to be announced tomorrow, which could reshape expectations for interest rates and the dollar.
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