Gold drops to seven-month low as fading U.S.-Iran deal hopes lift September Fed hike odds to 67%
AI Market Summary
Gold slid to a seven-month low as fading U.S.-Iran peace prospects revived inflation concerns and reinforced expectations for tighter Fed policy. Cleveland Fed President Hammack's willingness to hike if inflation persists, alongside markets pricing a 67% September hike probability, strengthens real-rate headwinds for bullion. Upcoming ADP and nonfarm payrolls are key near-term catalysts for rates and precious-metals positioning.
Impact level
● High
Affected assets
NCCOGOLD2USD/USDT-0.45%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Gold slid to a seven-month low, with spot prices at $3,981.69 per ounce, while silver, platinum and palladium also moved lower. The decline came as dimming prospects for a lasting U.S.-Iran peace deal stoked inflation concerns and pushed the implied probability of a Federal Reserve rate hike in September to 67%. Cleveland Fed President Beth Hammack said she could back higher rates if inflation pressures do not ease. Investors are awaiting June ADP employment data and Thursday’s nonfarm payrolls report for fresh signals on the policy path.
