10 Hrs
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الوئام
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Inflation concerns sustain gold stability
Gold prices remained steady on Monday as markets awaited the release of key US inflation data, which will influence Federal Reserve interest rate expectations. The spot price of gold stood at $4,424.40 per ounce, while December futures dipped slightly by 0.1% to $4,471.60. Recent US labor market data released last week showed a rapid increase in employment alongside a stable unemployment rate at 4.1%, reinforcing the likelihood of a rate hike in September. This scenario tends to weaken gold's appeal as an inflation hedge. Market tools currently assign a 58% probability of interest rate hikes at the Federal Reserve meeting scheduled for mid-September, as rising rates increase the cost of holding gold and reduce its relative yield compared to other assets. Additionally, US inflation reports are expected to be released this week amid heightened anticipation of their impact on gold prices and monetary policy outlooks.
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