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Gold prices edged lower on Wednesday as elevated U.S. Treasury yields continued to pressure bullion, while falling oil prices helped ease concerns over inflation ahead of key U.S. economic data.
Spot gold, or XAU/USD, slipped 0.12% to $4,177.63 an ounce at 01:37 ET (05:37 GMT), following a 1.6% gain in the previous session. Gold futures climbed 0.7% to $4,209.65. Silver fell 0.6% to $61.32 an ounce, while platinum declined 0.3% to $1,707.25. The U.S. Dollar Index was broadly unchanged at 101.38.
Oil prices extended recent losses as signs indicated Middle East supply was recovering toward pre-war levels. Saudi Arabia increased shipments through a key pipeline following repairs, helping reduce some supply concerns despite the continued standoff over the Strait of Hormuz.
Brent crude remains roughly 70% higher this year as the Middle East conflict approaches its eighth month. However, the latest decline in oil prices has reduced some inflation concerns and could influence expectations for future Federal Reserve interest rate decisions.
Investors are now awaiting Wednesday’s personal consumption expenditures inflation report, the Fed’s preferred measure of inflation, followed by Friday’s U.S. nonfarm payrolls data.
Treasury yields remain a major obstacle for gold prices. The yield on the longest-dated U.S. Treasury rose for a sixth consecutive session on Tuesday, reaching its highest level since 2002. Higher bond yields typically reduce demand for non-yielding assets such as gold.
New York Fed President John Williams said Tuesday that another interest rate increase later this year could be appropriate. Following his comments, traders lowered the implied probability of an October Fed rate hike to around 50% from 70%.
Williams cited the Middle East conflict and rapid artificial intelligence infrastructure expansion as potential inflationary pressures. Several other Fed officials also discussed the possibility of higher rates.
Gold remains on track to finish September nearly 6% lower as elevated Treasury yields and inflation concerns continue to weigh on the precious metal.
