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Gold prices steady this morning
Gold prices remained steady today, Tuesday, at around $4,142 an ounce, despite the rising dollar and declining expectations for a US interest rate hike. The metal continues to be supported as a safe haven asset amid ongoing concerns over government debt and geopolitical instability. Expectations for a rate hike in October have decreased following data showing a slowdown in US job growth, while there is an 86% chance of a rate increase in December, which boosts gold’s appeal as a safe investment. Additionally, US Treasury bond yields reached their highest levels in 24 years. Despite the increase in bond yields, gold remains a preferred hedge asset.
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