Gold falls ahead of US jobs report
Gold prices declined as investors await the U.S. labor market data due to be released this week, which will influence the Federal Reserve's monetary policy outlook. The spot price of gold dropped by 0.4% to approximately $4,428.54 per ounce, while futures fell to $4,477.20, after reaching a high of over three months last week. This decline comes amid concerns over a possible interest rate hike in the United States, which could increase if geopolitical tensions, especially in the Middle East, persist and impact inflation and oil prices. Traders are closely monitoring job openings data and other economic reports to predict the trajectory of interest rates, with odds indicating a potential increase in rates in the coming months.
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