Gold Holds Steady In Cautious Trade As Treasury Yields Rise
(RTTNews) - Gold prices held steady on Thursday, even as a broad global bond sell-off and surging oil prices revived inflation and interest-rate worries.
Spot gold edged up 0.3 percent to $4,122.43 an ounce as the dollar held steady near an 18-month high after the release of hawkish Fed meeting minutes. U.S. gold futures were up 0.2 percent at $4,147.90 an ounce.
U.S. Treasury yields surged back toward multi-decade highs, with yields on 10-year and 30-year Treasury notes trading near 5.32 percent and 5.71 percent, respectively after the minutes of the September Federal Reserve monetary policy meeting showed unanimous support for another interest-rate hike by the end of this year.
Federal Reserve Governor Christopher Waller said today that additional rate hikes will likely be needed, although increases do not have to come at every consecutive meeting.
Elsewhere, Euro zone bond yields climbed towards their recent peaks on concerns of U.S.-Iran war escalation.
Brent crude futures topped $104 a barrel after reports suggested that the White House asked the Pentagon to draw up strike options against Iran that could be executed before the midterm elections.
Seven commodity vessels passed through the Strait of Hormuz on Tuesday, the lowest figure since July 23 after attacks in the key waterway reached their highest last week since the start of the U.S-Israeli war with Iran, according to data from analytics firm Kpler.
The U.S. State Department urged citizens to exercise heightened vigilance after Houthi strikes on two Saudi airports killed three people and injured 36.
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