Commodities
Gold Struggles at $4,277 Amid Strong US Data and Hawkish Fed
The price of gold has been trading just below $4,277 as positive U.S. economic data raises the likelihood of another rate hike in October.
The S&P Global Composite PMI for the U.S. reached 58.4, its highest level since July 2021, prompting markets to price in a 66% chance of a 25 basis point increase next month.
Falling oil prices provide some support for gold, but a stronger U.S. dollar and rising Treasury yields create challenges for further price increases.