Gold stays steady at start of September
Gold prices stabilized at the beginning of September after achieving gains of around 10% during August, amid anticipation of U.S. labor market data and tensions in the Middle East. Spot gold traded at approximately $4,454.68 per ounce, while its futures contracts rose by 0.5% to $4,503.70. Traders are relying on upcoming U.S. employment data, which could lead to an interest rate hike by the Federal Reserve, especially following the central bank chief's remarks about the need for a more aggressive policy to combat inflation. Additionally, other precious metals such as silver, platinum, and palladium also saw increases amid current economic and political conditions.
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