Gold slips on firmer Treasury yields, oil prices; Fed minutes in focus
GLD•Fed minutes and technical levels watched
However, market pricing for a September quarter-point hike flipped to a nearly 65% chance of a "hold" after unexpected job losses in July, lower-than-expected consumer price inflation and weaker retail sales. FEDWATCH
Investors are also awaiting minutes of the Fed's most recent policy meeting, with the release scheduled for Wednesday.
Spot gold may test support at $4,381, a break below which could open the way towards the $4,320 to $4,351 range, according to Reuters technical analyst Wang Tao.
Among other metals, spot silver XAG= slipped 0.7% to $65.32 per ounce, platinum XPT= lost 0.6% to $1,759.63 and palladium XPD= dipped 0.6% to $1,325.47.
Gold eases as yields and oil prices rise
Gold fell on Tuesday, pressured by higher Treasury yields and oil prices, while traders awaited minutes of the U.S. Federal Reserve's July policy meeting for clues on the outlook for interest rates.
Spot gold XAU= was down 0.4% to $4,397.42 per ounce, as of 0624 GMT, while U.S. gold futures GCcv1 for December delivery dropped 0.5% to $4,452.90.
Yields on the benchmark 10-year U.S. Treasury note US10YT=RR extended gains, raising the opportunity cost of holding non-yielding bullion. US/
Middle East tensions keep energy prices in focus
Oil prices edged higher after Iran said it would shift to a "fully offensive" military posture following a breakdown in efforts to negotiate a permanent end to the war with the United States, while Washington ruled out extending a temporary ceasefire agreement. O/R
Oil prices will remain one of the key factors keeping gold under pressure as the situation in the Middle East continues to look uncertain, ANZ analyst Soni Kumari said.
