Gold prices declined on Monday as investors engaged in profit-taking after prices had reached a seven-week high in the previous session. Markets are now cautiously awaiting forthcoming US inflation data, seeking new indicators that might shape the potential interest rate
path for the Federal Reserve (US central bank). Spot gold registered a 0.5% decrease, settling at $4322.28 per ounce. Prices had touched their highest level since June 17 last Friday, following the release of weaker-than-expected US jobs data. US gold futures
also fell by 0.4% to $4381.60 on Monday. Economic data revealed that the US economy unexpectedly lost jobs in July, with sharp downward revisions to previously announced job figures for the preceding two months. Consequently, futures markets reflected a reduced probability
of interest rate cuts at the Federal Open Market Committee (FOMC) meeting scheduled for September 15-16, with the likelihood falling from over 50% to a lower level. It is worth noting that lower interest rates enhance gold's attractiveness compared to
yield-bearing assets, given that the precious metal itself does not generate returns. Key US economic data expected this week include the Consumer Price Index (CPI) on Wednesday and the Producer Price Index (PPI) on Thursday. On the geopolitical front, Iran announced it
is nearing a final agreement with Oman to establish new shipping lanes through the Strait of Hormuz. However, Tehran reiterated the necessity for the United States to meet certain conditions before the strategic waterway can be reopened. Regarding other precious metals,
spot silver decreased by 0.2% to $63.45 per ounce, platinum fell 0.1% to $1742.50, and palladium dropped 1.1% to $1362.97.
