Gold holds losses as oil disruption fuels Fed rate hike bets
Gold traded around $4,290 an ounce after falling to a five-week low, as Middle East oil disruptions reinforced expectations of a Federal Reserve rate hike this week.
Gold Market
Gold traded around $4,290 an ounce after falling to a five-week low, as Middle East oil disruptions reinforced expectations of a Federal Reserve rate hike this week.
Gold steadied near $4,387 an ounce after President Trump signalled no prolonged Middle East war, easing inflation concerns. A softer dollar and mixed jobs data also supported the metal.
Gold declined about 0.4% on Monday after Fed Chair Kevin Warsh signalled further tightening. A rise in oil prices and US Treasury yields added pressure, though the metal remains up over 9% for August.
Gold climbed beyond $4,400 per troy ounce on Tuesday to hit a two-month high, driven by soft US employment figures and rising Middle East geopolitical risks.