Commodities
Gold Holds Steady Amid Softer Dollar, Elevated Yields
Gold prices are holding steady in early U.S. trading Wednesday, as a softer dollar supports precious metals while elevated Treasury yields and higher crude oil keep the rate-relief trade in check.
The spot gold price is near $4,367.50 an ounce, up 0.79%, while spot silver is at $63.230, up 0.04% on the session.
Market positioning remains split between softer U.S. data and stubborn long-end yield pressure, with traders now implying a two-thirds probability that the Fed holds rates steady in September, and one-third chance of a hike.
The Strait of Hormuz remains a key geopolitical channel, with ongoing tensions between Washington and Tehran keeping an inflation-risk premium in the market, and Brent crude trading around $91.50 a barrel.