Gold Holds Near Seven-Week Low as Rate Concerns Weigh

Gold prices held near a seven-week low on Tuesday, trading nearly flat at $4,124.57 per ounce, pressured by rising oil prices and expectations of prolonged high US interest rates. US gold futures fell 0.3% to $4,156.70, while spot silver dropped 0.6% to $60.62. Markets assign a 70.3% probability of a Fed rate hike in October, with investors awaiting US job openings, ADP employment, PCE inflation, and nonfarm payrolls data this week. Geopolitical tensions in the Middle East support safe-haven demand but also lift energy costs, fueling inflation concerns. Fed Governor Lisa Cook warned of continued inflationary pressures, while analysts noted persistent price pressures could keep yields elevated and gold vulnerable to further losses.