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Gold prices remained near the $4,400-an-ounce level on Monday as stronger-than-expected U.S. employment data and escalating tensions around the Strait of Hormuz shaped the outlook for Federal Reserve monetary policy.
Spot gold traded largely unchanged at $4,426.93 an ounce at 20:48 ET (00:48 GMT), while gold futures edged lower to $4,473.66. Silver gained 0.2% to $66.37 an ounce, while platinum declined 0.5% to $1,813.77. The U.S. Dollar Index slipped 0.2% to 99.09.
U.S. employers added 162,000 jobs in August, exceeding market forecasts, while the unemployment rate remained steady. The resilient labor market strengthened expectations that the Federal Reserve could raise interest rates at its September 15-16 meeting, with markets pricing in roughly a 60% probability of a hike.
Higher interest rates typically pressure gold prices because interest-bearing investments become more attractive compared with non-yielding bullion. A stronger U.S. dollar on Friday also weighed on gold by increasing costs for buyers using other currencies.
Gold ended last week at about $4,429 an ounce, down 0.6%, following volatile trading around the $4,400 level. Investors are now awaiting U.S. consumer price inflation data later this week for further clues about the Fed's next rate decision.
Geopolitical risks are also influencing the gold market. Iran said it targeted three oil tankers in the Strait of Hormuz and several U.S.-linked vessels in retaliation for American attacks over the weekend. The escalation renewed concerns about global energy supplies, with Brent crude trading near $97 a barrel.
Higher oil prices could add to inflationary pressures and strengthen the case for tighter Fed policy, creating competing forces for gold as geopolitical uncertainty supports safe-haven demand.
Gold recently fell below its 200-day moving average near $4,526, weakening the short-term technical picture. However, IG senior market analyst Tony Sycamore maintains that gold established a base near its late-June low of $3,942 and continues to favor buying pullbacks, with an eventual target around $5,000.
