Gold Stays Above $4,400: Here’s What Traders Are Watching This Week
TLDR
- Gold is trading above $4,400 an ounce after its best weekly gain since January
- Weak U.S. jobs data has cut the odds of a September Fed rate hike to below 50%
- Investors are watching U.S. CPI data due Wednesday and producer prices Thursday
- Middle East uncertainty around the Strait of Hormuz is adding safe-haven demand
- Silver, platinum, and copper are also rising alongside gold
Gold prices are holding above $4,400 a troy ounce on Monday as investors wait for key U.S. inflation data that could shape the Federal Reserve’s next move on interest rates.
Spot gold rose 0.3% to $4,354.51 an ounce in early trading, while U.S. gold futures climbed to $4,414.40. The moves follow gold’s best weekly performance since January.
Prices hit a seven-week high on Friday after U.S. jobs data came in weaker than expected. The economy shed jobs in July, and prior-month employment gains were revised sharply lower.
That weak labor data changed how traders are reading the Fed’s next steps. Markets now put the odds of a rate hike at the September 15-16 meeting at below 50%, down from a greater-than-even chance just days ago.
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