Gold Holds Ground Amid Rising Oil Prices

The recent rise in oil prices has not had a significant impact on gold markets, despite rising Treasury yields.

The yield of 2-year Treasuries climbed above 4.24%, while the yield of 10-year Treasuries settled above 4.70%.

This increase in yields did not put pressure on gold prices as traders remained focused on the Non-Farm Payrolls report, which showed a loss of 23,000 jobs in July.

The report's impact on Fed policy outlook led to a 50.3% chance that the Fed will keep rates unchanged at the next meeting in September, according to the FedWatch Tool.