Gold trades near two-week high on cooling US rate-hike bets

Spot gold held steady near a two-week high at $4,175 per ounce after gaining more than 2% last week, supported by cooling US rate-hike expectations following weaker-than-expected US jobs data. Traders now price around a 55% chance of a Fed rate increase in September, down from over 60% earlier. In India, physical gold demand eased as prices rebounded from a three-month low, while JPMorgan cautioned that gold could be capped near $4,300 per ounce in the third quarter.