Gold inches lower as firmer dollar, higher yields weigh
GLD•Spot gold fell 0.3% to $4,128.83 per ounce as the dollar strengthened and Treasury yields rose. Losses were limited by easing expectations of an October U.S. rate hike.
1. Gold slips
Spot gold was down 0.3% at $4,128.83 per ounce, while U.S. gold futures were little changed at $4,155.90. A firmer dollar made gold more expensive for holders of other currencies, and rising Treasury yields added pressure.
2. Rates and support
Expectations of an October U.S. rate hike eased after data showed slower job growth in September and downward revisions to payrolls for the prior two months. Traders were still pricing an 87% probability of a December increase. Analyst Kyle Rodda said long-term fundamentals remained supportive and cited Middle East geopolitical risk as a likely next catalyst.
