Gold Falls as Traders Await U.S. Jobs Data

Gold prices remained subdued on Tuesday as traders assessed the impact of Middle East tensions and awaited key U.S. labor market data due this week, which could shape expectations for Federal Reserve monetary policy.

Spot gold fell 0.4 percent to $4,428.54 per ounce, after recording its lowest level since August 19 in the previous session. U.S. gold futures declined 0.1 percent to $4,477.20 per ounce.

Key U.S. data releases this week include job openings figures, the ADP employment report, and non-farm payrolls data, all of which will be scrutinized for signs regarding the health of the labor market and the trajectory of interest rates.

Spot gold had reached its highest level in more than three months last week before falling more than 3 percent on Friday, after Federal Reserve Chair Kevin Warsh said the U.S. central bank “has work to do” if policymakers do not gain sufficient confidence that inflation is trending toward the 2 percent target.