Gold steady as stronger dollar and high yields offset waning Fed hike expectations - CNBC

AI desk brief

Gold was broadly steady as a stronger dollar and elevated US Treasury yields offset a sharp pullback in October Fed hike expectations. Spot gold edged 0.2% lower to $4,133.59/oz and December futures slipped 0.02% to $4,161.5/oz, while the market priced only a 24% chance of an October hike versus about 70% last week and an 86% chance of a December increase.

Near-term, the setup is mixed: the dollar and high real-rate backdrop are capping bullion, but softer US labor data and reduced near-term tightening odds are providing support. Investors now await the September FOMC minutes for confirmation on the policy path; Metals Focus also said it sees gold averaging $5,330/oz next year and hitting all-time highs in 2027.