Commodities
Gold Prices Flat Amid Bets on Further Rate Hikes
Gold prices remained steady in early Asian trade on Thursday as investors weighed the chances of further Federal Reserve interest rate hikes this year.
The spot price of gold was flat at $4,285.31 per ounce as of 0022 GMT, while US gold futures for December delivery were little changed at $4,321.40.
A stronger-than-expected purchasing managers' report pushed US Treasury prices down on Wednesday, causing yields to surge higher.
The Fed is under pressure to raise interest rates again due to mounting inflation pressures and a strengthening economy, which could make gold less appealing as an investment compared to interest-bearing assets.