Gold hovers at $4,340 on profit-taking

August 10, 2026 (MLN): Gold prices eased on Monday as investors locked in gains following a seven-week high hit in the previous session, with attention now turning to upcoming U.S. inflation data for direction on the Federal Reserve's rate trajectory.

Currently, spot gold is slightly down 0.02% to $4,340.42 an ounce as of [10:45 am] PST, according to data reported by Mettis Global.

The pullback followed data showing the U.S. economy unexpectedly lost jobs in July, with employment gains for the two preceding months also revised sharply downward.

In response, futures markets shifted the odds for the Federal Open Market Committee's September 15-16 meeting, moving from a rate cut being less likely than not to now being the more probable outcome, according to CNBC.

A softer interest rate backdrop typically lifts demand for gold, since the metal yields no income of its own and becomes comparatively more attractive when returns on interest-bearing assets fall.

Investors are now looking ahead to a heavy U.S. data calendar this week, with the Consumer Price Index due Wednesday and the Producer Price Index following on Thursday.

On the geopolitical side, Iran said it was close to finalizing an agreement with Oman to establish new shipping lanes through the Strait of Hormuz, while reiterating that Washington must first satisfy a set of conditions before the strategically vital waterway can reopen.

Among other precious metals, spot silver eased 0.2% to $63.45 per ounce, platinum shed 0.1% to $1,742.50, and palladium dropped 1.1% to $1,362.97.

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