Gold steadies near two-week high as markets cut Fed hike bets to about 55% for September
AI Market Summary
Gold is holding near a two-week high after a softer U.S. jobs report cooled expectations for further Fed tightening, reducing the market-implied September hike probability to ~55%. Lower rate expectations support non-yielding bullion, though a slightly firmer dollar caps upside by tightening financial conditions for non-U.S. buyers. Focus shifts to upcoming Fed minutes for confirmation of the policy path; other precious metals are mixed.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.42%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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U.S. payroll growth slowed sharply in June and prior months were revised lower, prompting markets to trim the implied chance of a September Federal Reserve rate increase to about 55% from more than 60%. Spot gold held around $4,174.66 an ounce, close to a two-week high, while August U.S. gold futures rose 1.5% to $4,186.70. Bullion posted a weekly gain of more than 2%, snapping a four-week losing streak. A firmer dollar added pressure, but shifting rate expectations continued to dominate short-term pricing.
