Spot gold posted a modest gain on Tuesday, though it continued to trade below $4,200 per ounce after an earlier sell-off in precious metals. The pullback had been driven by U.S. Treasury yields climbing to multi-decade highs and a rise in oil prices, according to the source report. An analyst at IG said gold only managed a limited rebound because markets expect the Federal Reserve to keep interest rates higher for longer. Traders are currently pricing in a 72.5% probability of a Fed rate hike in October. Market attention is now on upcoming U.S. economic data, including consumer confidence and job openings figures. The report was published by ChainCatcher.
Spot gold rose slightly on Tuesday, but it was still trading below $4,200 per ounce, according to ChainCatcher.
The report said precious metals had previously come under selling pressure after U.S. Treasury yields climbed to multi-decade highs and oil prices moved higher. An analyst at IG said gold only saw a modest rebound because the market expects the Federal Reserve to keep rates elevated for a longer period.
Traders are pricing in a 72.5% chance of a Fed rate hike in October. The market is also watching U.S. economic data, including consumer confidence and job openings figures.
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