Gold $4,123.29 near 7-week low amid jobs and oil worries
Gold prices are holding near a more than seven-week low at $4,123.29 per ounce, with everyone watching for new US jobs and inflation data that could shape the Federal Reserve's next moves.
Rising oil prices, thanks to possible Middle East supply issues, are also adding some extra uncertainty about where inflation might go from here.
Markets see 70.3% October Fed hike
There's a 70.3% chance the Fed could hike interest rates in October, according to market trackers.
Higher rates usually make gold less attractive since it doesn't pay interest, so many investors are waiting for clearer signals before making big moves.
As Fed Governor Lisa Cook put it, oil prices and even AI demand are pushing up inflation, but she isn't making any promises about more rate hikes just yet.
For now, expect gold prices to stay a bit unpredictable until the economic picture clears up.