Gold muted as traders await US jobs data, monitor Mideast tensions
Gold prices remained subdued on Tuesday as traders assessed Middle East tensions and awaited key US labour market data due this week that could shape expectations for Federal Reserve monetary policy. Spot gold was down 0.3% at $4,437.10 per ounce by 0235 GMT, after hitting its lowest level since August 19 in the previous session. US gold futures edged up 0.1% to $4,485.30. Key US data this week include job openings, the ADP employment report and nonfarm payrolls data that will be scrutinised for clues on labour market health and the interest rate outlook. Spot gold scaled a more than three-month high last week before tumbling more than 3% on Friday after Chair Kevin Warsh said the Fed will “have work to do” if policymakers don’t get the confidence they need that inflation is heading down to 2%. Gold has been pressured by “Fed Chair Warsh’s hawkish Jackson Hole speech, plus fresh tensions in the Strait of Hormuz which has brought with it higher oil prices and raised inflationary expectations,” IG market analyst Tony Sycamore said. “One hike in isolation should not be a game changer for gold. Two or three might be,” he added. Traders currently see a 66% chance of a U.S. rat
