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Gold falls as bond yields and oil rise ahead of Fed minutes
Gold prices declined today, Tuesday, due to rising U.S. Treasury yields and increasing oil prices. This comes amid investor anticipation of the Federal Reserve's meeting minutes, which are expected to bolster forecasts about future monetary policy. The spot price of gold decreased by 0.5%, reaching $4,391.14 per ounce, while U.S. gold futures contracts fell by 0.6% to $4,446.70. The yields on 10-year U.S. Treasury bonds also rose, raising the cost of holding non-yielding gold. Oil prices edged higher following Iran's declaration of a "full-scale military offensive," due to stalled efforts to end the war with the United States, and with Washington ruling out an extension of the temporary ceasefire. This heightens concerns over oil supplies. The rise in energy prices boosts inflation prospects, which could prompt the Federal Reserve to raise interest rates, although markets currently expect rates to remain stable at around 65%, based on weak data regarding the labor market and inflation. Meanwhile, other precious metals also declined—silver, platinum, and palladium—amid ongoing tensions in energy markets and expectations of further volatility in gold prices.
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