Gold falls to session lows as weekly jobless claims holds steady at 206k

Gold prices dropped to session lows following the release of the latest U.S. labor market data, which revealed that weekly initial jobless claims remained steady at 206,000 for the week ending September 5. The reported figure matched market forecasts, while the previous week's total was revised up slightly from 206,000 to 207,000. The persistent resilience in the labor market strengthens expectations that the Federal Reserve will maintain a hawkish stance and potentially lift interest rates further at its upcoming monetary policy meeting. Higher interest rates typically raise the opportunity cost of holding non-yielding bullion, putting downward pressure on the precious metal. Following the economic data release, spot gold was quoted at $4,331.40 per ounce, sliding more than 1% intraday as traders priced in tighter monetary policy and sustained economic stability in the United States.