Gold prices hold near seven-week high as markets await US inflation data

Gold prices held steady on August 10 after reaching a seven-week high in the previous session, as investors weighed uncertainty in the Middle East and awaited US inflation figures for clues about the Federal Reserve’s interest-rate policy.

Gold futures slipped 0.1% to $4,395.40 an ounce, according to trading data cited by Caliber.Az and foreign media.

Gold prices rose to their highest level since June 17 on August 7 after US data showed an unexpected decline in jobs in July. Employment figures for the previous month were also revised sharply lower, reinforcing concerns about the strength of the US labour market.

The weaker employment figures led investors to reduce expectations of a Federal Reserve rate hike in September. Futures markets now see the probability of a rate increase at the 15–16 September meeting at below 50%, down from above that level previously.

Markets are now focused on upcoming US inflation data, which could provide further clues about the central bank’s approach to interest rates.

Elsewhere, silver gained 0.5% to $63.89 an ounce, while platinum rose 0.5% to $1,757.50.

By Aghakazim Guliyev