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Gold dips after 7-week high amid US inflation data
Gold prices declined after reaching a seven-week high, with spot prices falling 0.5% to $4,322.28 per ounce following weaker-than-expected US data indicating an unexpected loss of jobs in July and revisions showing sharp declines. Gold futures also dropped 0.4% to $4,381.60, amid market expectations of a possible interest rate cut by the Federal Reserve, which makes gold more attractive as a safe haven. The market is awaiting US inflation data scheduled for this week to determine the future path of interest rates. Meanwhile, there are reports of progress in a potential agreement between Iran and Oman on new shipping routes through the Strait of Hormuz, contingent upon the United States meeting several conditions.
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