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Gold dips amid rising dollar and yields
Gold prices saw a slight decline today, Tuesday, due to the rise in the U.S. dollar and Treasury bond yields. Spot transactions remained stable at $4,128.83 per ounce, while futures contracts stood at $4,155.90. This comes amidst expectations that the U.S. Federal Reserve will not raise interest rates this month, despite Treasury yields for 10- and 30-year bonds reaching their highest levels in 24 years. Based on economic data showing a slowdown in job growth and a worsening in the services sector, traders now see an 87% probability of a rate hike in December. Inflation remains high, increasing the cost of holding gold, which does not generate interest income. Additionally, geopolitical risks in the Middle East are viewed as a key factor that may influence the market later on.
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