Precious-Gold muted as higher-for-longer rate outlook weighs
GLD•Geopolitics and other metals
On the geopolitical front, Houthi fighters pushed to seize strategic heights in Yemen to cut off the Red Sea coast from remaining areas held by Saudi-backed forces, after a report that U.S. President Donald Trump had called off American strikes on the group at the last minute.
Oil prices gained as the market steadied after several days of declines, with investors awaiting developments on potential U.S.-Iran talks at the United Nations General Assembly this week. O/R
Spot silver XAG= rose 0.3% to $66.19, platinum XPT= gained 0.3% to $1,792.76 and palladium XPD= climbed 0.3% to $1,305.10.
Gold steady as rate outlook weighs on sentiment
Sept. 22 (Reuters) - Gold prices struggled for momentum on Tuesday as expectations of interest rates staying higher for longer weighed on sentiment, with investors awaiting comments from U.S. Federal Reserve officials for policy clues.
Spot gold XAU= was little changed at $4,344.29 per ounce, as of 0151 GMT. U.S. gold futures GCcv1 steadied at $4,381.80.
Bullion is traditionally viewed as a hedge against inflation and geopolitical risks, but its appeal tends to wane in a high-interest-rate environment as investors favour yield-bearing assets.
With U.S. economic data limited this week, investors will focus on comments from Fed officials for signs of whether the central bank is leaning toward another rate increase in October, as well as on crude oil prices, said Chris Weston, head of research at Pepperstone.
