Gold slips below $4,500 as strong US data dents rate-cut hopes

Gold prices fell below $4,500 per ounce on Wednesday, extending recent losses after stronger-than-expected US labor market data reinforced expectations that the Federal Reserve could keep interest rates higher for longer. A surge in job openings and lower layoffs highlighted the resilience of the US economy, reducing hopes for near-term rate cuts. Meanwhile, rising oil prices amid uncertainty surrounding US-Iran negotiations fueled inflation concerns, supporting a firmer dollar index above 99.3 and adding pressure on bullion. Investors now await the ADP employment report and Friday?s nonfarm payrolls data for further clues on the Fed's policy path. Reflecting the weakness in global markets, MCX August gold futures declined around 0.5% to Rs 1,58,594 per 10 grams.

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