International gold prices edged down due to expectations of interest rate hikes, while the commodity attribute of gold became more active in August.

　　[Global Times Finance Comprehensive Report] According to Reuters, on September 8, gold prices edged slightly lower as rising oil prices heightened inflation concerns and strengthened market expectations for a Federal Reserve rate hike in September. Investors are waiting for U.S. inflation data to gain further clues about the outlook for monetary policy. Spot gold fell 0.4% to $4,385.09 per ounce, while U.S. gold futures for December delivery dropped 1% to close at $4,430.10 per ounce.

　　Stone X senior market strategist Daniel Pavilonis said: "Gold is currently trading in a range because the rising probability of a rate hike is putting pressure on it, which continues to hinder market momentum." In addition, oil prices hit multi-week highs, with Brent crude approaching the $100 per barrel mark, reaching $99.46, the highest level since July 24, further intensifying inflation concerns.

　　Zaner Metals vice president and senior metals strategist Peter Grant stated that the market is still digesting the U.S. employment report and awaiting the upcoming CPI and PPI data. Meanwhile, rising oil prices are sparking inflation worries and supporting expectations of a rate hike in September. According to the CME FedWatch Tool, traders currently see about a 60% chance of a rate hike by the Fed at this policy meeting, up from about 50% before the data was released.

　　The activity of gold as a commodity has increased. According to a research report by Dongwu Securities, in August, the activity of gold's commodity attributes increased significantly, with a warming of both physical consumption and investment demand. The daily price of gold jewelry rose by 46 yuan, and gold mining stocks rose 43% in August, reflecting that physical gold demand increased in tandem with the price uptrend; towards the end of the month, a pullback in gold prices led to a drop in jewelry prices. Looking ahead to September, gold prices will operate amid a complex mix of data verification, policy orientation, and geopolitical factors. On the policy front, the FOMC rate decision on September 17 is the central focus for the month. (Wen Hui)

Editor: Zhu Henan