Gold Price Today, 04 September 2023: Gold (Yellow Metal) held above $1,940 an ounce on Monday, hovering near its strongest levels in a month as signs of cooling in the US economy raised hopes that the Federal Reserve is done hiking interest rates this year.
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The latest US jobs report showed the US unemployment rate unexpectedly rose to 3.8% in August, the highest since February 2022 and above market expectations of 3.5%.
Meanwhile, the US economy added 187,000 jobs last month, exceeding forecasts of 170,000 but remaining below the 200,000 threshold for the third straight month, signaling a gradual easing of labor market conditions.
Moreover, ISM data showed that US manufacturing activity improved in August, but stayed contractionary for the tenth consecutive month.
Markets are betting that the Federal Reserve will hold interest rates steady this month, and see a greater chance that it will not hike rates further this year.
