Spot gold eased 0.6% to $4,403.69 an ounce at 09:53 ET, while gold futures fell to $4,448.85, extending a 1% drop recorded on Friday. The metal remains below its 200‑day moving average near $4,526 after rebounding from a July floor around $4,000.
Traders now price a roughly 60% chance of a 25‑basis‑point Fed rate increase at the September 15‑16 meeting, up from earlier expectations. The heightened probability follows a stronger‑than‑expected payroll report that underscored a tight U.S. labor market.
ING analysts said a 25‑basis‑point hike on 16 September should offer temporary support for the dollar, especially against low‑yielding currencies.
Brent crude traded near $97 a barrel, while Iran announced it had targeted three oil tankers and several U.S.-linked vessels in the Strait of Hormuz in retaliation for recent attacks on its ships.
The market will also watch U.S. producer‑price data on Thursday and consumer‑price figures on Friday, both of which could influence expectations for the Fed’s policy decision.
