Gold Futures Surge $142 as Rate-Hike Expectations Recede

New York gold futures surged $142.71 on August 19, rebounding from a decline of $73.94 the previous day due to rising U.S. Treasury yields and higher crude prices.

The sharp increase in gold was fueled by receding expectations for additional U.S. interest rate hikes ahead of the Federal Open Market Committee (FOMC) minutes release on August 20.

Gold futures for September delivery settled at $4,563.31 per troy ounce on the New York Mercantile Exchange (COMEX), up 3.23% from the previous session.

The FOMC minutes release could provide clarity on the directional bias for gold in the near term, but market participants remain highly attentive to both Middle East developments and U.S. monetary policy.