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Gold stays above $4,300 as traders dial back a September rate hike
Comex December futures traded around $4,301 an ounce after weaker hiring data and easing Strait of Hormuz risks helped lift bullion a day after a 4% jump.
Gold held above $4,300 an ounce on Thursday, with the most-active Comex December contract at about $4,301, as traders scaled back expectations for a September interest rate increase following weaker-than-expected US employment data and eased Middle East tensions. According to Mining.com, bullion had gained about 4% on Wednesday to a seven-week high, its highest since June 17, after progress toward reopening the Strait of Hormuz reduced inflation concerns. The outlet also linked the move to the ADP report showing US private employers added 44,000 jobs in July, far below expectations, reinforcing expectations that the Federal Reserve may have less need to tighten ahead of Friday’s non-farm payrolls report. Bloomberg cited by Mining.com reported Federal Reserve Governor Lisa Cook saying she remains prepared to raise rates if inflation fails to cool, warning policymakers may not have the luxury of waiting to bring inflation back to the central bank’s 2% target. Mining.com also noted that gold miners rose alongside bullion, including Agnico Eagle Mines, Newmont, and Barrick Mining.
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