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Gold slipped to around $4,390 an ounce on Monday in thin trading, with volumes muted by a US market holiday. The metal came under pressure after a stronger-than-expected US employment report drove bond yields higher and reinforced expectations of a Federal Reserve rate hike this month.
US nonfarm payrolls rose by 162,000 in August, far exceeding consensus forecasts of a 56,000 increase, while the unemployment rate held steady at 4.1%. Following the data, traders assigned nearly a 60% probability to a rate increase at next week’s Fed policy meeting, up from about 50% before the jobs release, according to the CME FedWatch Tool.
Market participants are now looking ahead to producer price index (PPI) and consumer price index (CPI) reports due later this week for further insight into the Fed’s policy trajectory. Inflation concerns remain elevated, with crude oil prices reaching near three-month highs after the US and Iran exchanged strikes on shipping over the weekend.
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In the background, central bank demand continues to support the gold market. China extended its gold-buying spree for a 22nd consecutive month in August, increasing its official holdings to 76.73 million fine troy ounces.
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