Gold slips as investors await key US jobs data

Gold prices remained subdued on Tuesday as investors assessed the impact of Middle East tensions and awaited important US labor market data set to be released this week.

Spot gold fell 0.3 percent to $4,437.10 per ounce after hitting its lowest level since August 19 in the previous session. US gold futures rose 0.1 percent to $4,485.30 per ounce.

According to Reuters, key US data this week includes job openings figures, the ADP employment report, and non-farm payrolls, all of which will be closely watched for signs of labor market health and the future path of interest rates.

Reuters also quoted Tony Sycamore, market analyst at IG, as saying that gold has come under pressure due to "hawkish remarks from the Federal Reserve Chair at Jackson Hole, as well as renewed tensions in the Strait of Hormuz, which have pushed oil prices higher and increased inflation expectations."

Based on CME Group's FedWatch tool, traders currently see a 66 percent chance of a US interest rate hike in September and an 89 percent chance in December.

Among other precious metals, spot silver rose 0.3 percent to $66.34 per ounce, platinum gained 0.1 percent to $1,793.03, while palladium was steady at $1,356.75.