Gold price bearish as Fed interest rate pauses expectations
US markets are closed for a holiday on Monday The market sees a 93% chance that the Fed will hold interest rates in September. Spot gold hit its highest since August 2 on Friday. Gold edged higher on Monday, supported by a slight decline in the US Dollar market as market participants grew more confident that the Federal Reserve may be finished raising interest rates. . Spot gold rose 0.1% to $1,940.80 an ounce as of 12:00 GMT. US gold futures price for December delivery increased 0.03% to 1,967.50 USD/ounce.
US gold futures were steady at $1,967.50, with low trading expected due to US markets being closed for the Labor Day holiday. Traders bet on Friday that the Fed may be done raising interest rates after a jump in the US unemployment rate and moderate wage gains suggested easing labor market conditions. The dollar index fell 0.2%, making greenback-denominated bullion more attractive to holders of other currencies.
US gold futures were steady at $1,967.50, with low trading expected due to US markets being closed for the Labor Day holiday. Traders bet on Friday that the Fed may be done raising interest rates after a jump in the US unemployment rate and moderate wage gains suggested easing labor market conditions. The dollar index fell 0.2%, making greenback-denominated bullion more attractive to holders of other currencies.
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