Gold slipped toward $4,150 an ounce on Wednesday, surrendering part of the prior session’s advance as rebounding oil prices revived concerns over inflation and potential interest rate hikes. Crude climbed after Iran stepped up attacks on tankers in the Strait of Hormuz in recent days, while Saudi forces continued to engage in clashes with Houthi fighters, heightening risks to Middle East supply.
US Treasury yields held near multi-decade highs, reflecting worries about stubborn inflation, mounting fiscal risks and a surge in AI-related debt issuance. At the same time, futures markets are now assigning close to an 80% probability that the Federal Reserve will leave rates unchanged at its meeting this month, after weaker-than-expected September payrolls and downward revisions to job growth for the previous two months.
Investors are now focused on the minutes from the Fed’s most recent meeting for additional insight into the central bank’s policy outlook.
