Gold steadies as dollar climbs
Gold prices stabilized at $4,141.81 per ounce amid a strengthening dollar, which weakened support for the metal. This comes in the context of declining expectations for a US interest rate hike after data showed a slowdown in US job growth and revisions to previous non-farm payroll figures. As yields on 10- and 30-year US Treasury bonds continue to rise, the likelihood of a rate increase in December remains at 86%, increasing the cost of holding non-yielding gold. However, gold remains a safe haven amid growing concerns over rising debt levels and geopolitical instability, while US economic activity data indicates that inflation is expected to persist through 2027.
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