Gold drops over 1% as markets eye US jobs data
Business
Gold just dropped over 1% today, marking what could be its fourth month in a row of losses.
The main reason? Attention has shifted from global tensions to what the US Federal Reserve might do next about inflation.
Everyone's watching this week's jobs data for clues on whether another interest rate hike is coming.
Spot gold $3,957.74 as dollar strengthens
Spot gold fell to $3,957.74 per ounce, and US gold futures slipped too.
A stronger dollar is making gold pricier for people using other currencies, so demand is down.
Silver, platinum, and palladium also slid, so it's not just gold feeling the pressure right now.
Traders are betting there's about a 63% chance the Fed will raise rates in September, depending on how the jobs numbers shake out.