Gold hovers near seven-week low at $4,124 as Fed rate fears persist

Gold prices held steady on Tuesday while hovering near their lowest point in more than seven weeks. Investors are weighing the possibility that the Federal Reserve will maintain elevated interest rates for an extended period, alongside anticipation of upcoming US economic data releases.

Spot and futures market movements

In spot trading, gold showed little change, recording $4,124.57 per ounce by 01:40 GMT. This follows a previous session where the metal touched its lowest level since August 5. Meanwhile, US gold futures declined by 0.3 percent, settling at $4,156.70.