Gold steadies near $4,345 as US jobs data dampens Fed rate hike outlook

Gold prices stabilized near $4,345 following the largest weekly gain since January. This stability comes as traders analyze a surprise contraction in the US jobs market, which has dampened the outlook for Fed rate hikes. The weaker employment data has eased interest-rate concerns, directly impacting market dynamics and inflation hedging strategies. Consequently, the precious metal holds its gains while investors assess the potential shift in US monetary policy resulting from the soft labor market reports.