- Gold held a decline near $4,425 an ounce after stronger-than-expected August US payrolls and a steady unemployment rate strengthened the case for a Fed hike on Sept. 15-16.
- SPDR Gold Trust increased holdings by a net 9.7 tons for the week ended September 4, despite selling more than 4.5 tons in the final two sessions.
- Gold prices remain sensitive to upcoming US PPI and CPI data, which will shape expectations for the Fed's September decision and the near-term path for yields and the dollar.
Quotes
“If the Fed raises rates, gold could face additional pressure as bond yields and the U.S. dollar typically rise. Conversely, if the central bank maintains rates, the precious metal may find support”
“These figures are expected to provide further insights into the Federal Reserve’s interest rate decision at its September meeting.”