Gold steadies near seven-week low as US data looms

Gold prices are holding steady near a seven-week low as investors await key US economic data, with markets pricing in a 70.3% probability of a Federal Reserve rate hike in October. The precious metal traded at $4,123.29 per ounce, while rising oil prices on Middle East supply concerns could fuel inflation and prompt further rate increases. Fed Governor Lisa Cook expects continued inflationary pressure from AI-related demand and higher oil costs. Attention this week focuses on US job openings, ADP employment, PCE figures, and nonfarm payrolls for monetary policy signals. Separately, the London Bullion Market Association faces a High Court claim from October 7 over the deaths of two Tanzanian miners in 2019.