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Gold prices edged lower on Wednesday as rising U.S. Treasury yields, elevated oil prices and expectations of a Federal Reserve interest rate hike weighed on precious metals.
Spot gold fell 0.3% to $4,281.93 an ounce at 21:57 ET, while gold futures declined 0.3% to $4,321.26. Silver slipped 0.2% to $63.57, and platinum dropped 0.5% to $1,770.33. Meanwhile, the U.S. Dollar Index gained 0.1% to 99.73.
Gold has now declined for two consecutive sessions and is down more than 3% in September after climbing above $4,700 in late August. Investors have repeatedly adjusted their monetary policy expectations amid persistent inflation concerns.
Higher oil prices are adding to those pressures. Energy markets remain focused on Saudi Arabia’s East-West pipeline shutdown following an attack last week. The route had been transporting millions of barrels per day around disruptions in the Strait of Hormuz. Saudi Aramco has also delayed some European deliveries, increasing concerns about global oil supply.
Inflation worries have spilled into the bond market, pushing the benchmark 10-year U.S. Treasury yield as high as 5.04%, its strongest level since 2007. Higher bond yields typically pressure gold because the precious metal does not generate interest.
Markets are pricing roughly a 92% probability that the Fed will raise interest rates, potentially delivering its first hike since 2023. Investors will also closely watch Fed Chair Kevin Warsh’s comments for clues about the outlook for further tightening and inflation.
IG senior market analyst Tony Sycamore said gold remains under pressure from higher energy costs, bond yields, a firmer dollar and cautious sentiment ahead of the Fed decision.
From a technical perspective, gold needs to recover above its 200-day moving average near $4,539 to strengthen the case for a renewed uptrend. Until then, prices could retreat toward support around $4,200. Despite recent weakness, gold remains comfortably above the roughly $4,000 level recorded in July.
