Gold Price Caged Between $4,000 and $4,150 Amid Fed Hike Odds

Gold prices remained near $4,060 an ounce on Tuesday as the December contract opened at $4,109.60 and ran to $4,136.30 by 8:03 a.m. Eastern.

The futures curve stretched as high as $4,142.20 intraday for a 1.26% gain of $51.70, with mid-session prints clustering around $4,122.50 for an 0.8% advance.

The setup is a market caught between safe-haven demand from the unresolved Strait of Hormuz standoff and firm Treasury yields and a central bank leaning toward tightening.

Central banks bought 289 tonnes in Q2, up 62% year over year, while North American gold ETFs shed 61 tonnes in the first half, their weakest six months since 2013.