Gold Steady at $4,339.59 as U.S. Jobs Data Weakens Rate Hike Expectations

Spot gold was little changed at $4,339.59 per ounce by 0017 GMT after a more than 7% gain last week, driven by weaker U.S. jobs data reducing expectations for interest rate hikes. U.S. gold futures were flat at $4,399.40. The U.S. economy unexpectedly lost jobs in July, with previously reported job gains revised lower. Futures markets now see a worse-than-even chance of a September 15-16 rate hike by the Federal Open Market Committee. Lower interest rates boost gold's attractiveness against income-generating assets. Spot silver rose 0.5% to $63.85 per ounce, platinum gained 0.2%, and palladium slipped 0.5%. Geopolitically, Iran is nearing a pact with Oman on new shipping lanes through the Strait of Hormuz but demands U.S. compensation and an end to sanctions and threats first.