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Gold prices fell on Wednesday as a stronger U.S. dollar pressured bullion, while improving Middle East oil supplies and easing Treasury yields reduced expectations for further aggressive Federal Reserve interest rate hikes.
Spot gold (XAU/USD) dropped 0.7% to $4,136.82 an ounce by 01:46 ET (05:46 GMT), while U.S. gold futures declined 0.6% to $4,163.07. Silver fell 1.1% to $60.72 an ounce, and platinum slipped 0.9% to $1,694.76. Meanwhile, the U.S. Dollar Index gained 0.3% to 102.09, making dollar-priced precious metals more expensive for overseas buyers.
Middle East oil supplies have recovered to around four-fifths of levels seen before the regional conflict, according to analysts and research firms. The rebound has helped stabilize crude prices, easing concerns that an extended energy supply shock could fuel inflation and force the Fed to tighten monetary policy further.
Risks remain elevated, however. Iran has stepped up attacks on tankers in the Strait of Hormuz, while oil industry executives have warned that options for managing disruptions are becoming increasingly limited as the U.S.-Iran war approaches its eighth month.
U.S. Treasury yields also retreated on Tuesday after longer-term yields reached fresh multi-decade highs a day earlier. Lower bond yields typically support gold because they reduce the opportunity cost of holding non-yielding assets.
Despite the decline in yields, gold slipped below $4,150 as dollar strength dominated trading. Investors are also reassessing the outlook for U.S. interest rates after Federal Reserve officials pushed back against expectations for another near-term increase.
Markets are now pricing in less than a 20% chance of an October Fed rate hike, down from roughly 40% a week ago. Attention is turning to minutes from the Fed’s September meeting, due later Wednesday, for additional signals on monetary policy after policymakers raised borrowing costs for the first time in three years.
Gold has remained in a relatively narrow trading range during October and continues to trade below several closely watched technical averages. Bullion has fallen more than 20% since the U.S.-Iran conflict began in late February, marking a sharp reversal from its earlier gains.
