Gold Prices Hold Steady Amid Weighing Factors

Gold prices held steady on Wednesday as traders weighed the impact of lower oil prices against higher US Treasury yields.

The Brent crude price, which has risen by around 70% this year, declined after signs emerged that supply from the Middle East had increased to near pre-war levels due to Saudi Arabia's boost in pipeline flows.

However, despite the slight drop in oil prices, concerns over energy-led inflation persist, keeping pressure on gold. The yield on the US Treasury's longest bond rose for a sixth consecutive day, reaching its highest level since 2002.

New York Fed President John Williams stated that one more interest rate hike 'late this year' may be necessary, prompting investors to lower their probability of an increase at the next meeting in late October below 50% from 70%.