Gold Hovers Near Seven-Week High as Fed Hike Bets Ease

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Gold prices held steady near a seven-week high on Monday after a weaker-than-expected U.S. jobs report reduced the likelihood of an immediate Federal Reserve interest-rate hike. Spot gold edged up 0.1 percent to $4,347.76 an ounce, while U.S. gold futures rose 0.2 percent to $4,407.34. The odds of a Fed rate hike next month fell to 44 percent from 55 percent, according to CME Group's FedWatch tool. Geopolitical tensions also supported gold, as Tehran warned it would not reopen the Strait of Hormuz unless the United States meets conditions including compensation, sanctions relief, and an end to military threats.

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Weaker jobs report reduces Fed hike odds, supporting gold prices.

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