FX.co ★ Gold Stays Close to 8-Month Low

Gold held near $4,000 an ounce on Wednesday, trading close to its lowest level in almost eight months as robust US economic data highlighted the economy’s resilience and strengthened expectations of a Federal Reserve interest rate increase this year. The latest JOLTS report showed job openings rising to a two-year high, and analysts are forecasting another solid gain in June non-farm payrolls. At the same time, recent core inflation readings have remained well above the Fed’s 2% target. Markets are now pricing in at least one Fed rate hike this year, with the first move potentially coming as early as September. Investors were also monitoring developments from ongoing US-Iran peace talks in Qatar, amid hopes for a durable ceasefire agreement, although the two sides were not expected to meet face to face.