Gold Treads Water Near $4,400 as Oil and Yields Provide Temporary Reprieve

Gold prices have remained steady near $4,380 an ounce after falling oil prices and lower long-term Treasury yields offset pressure from expectations that the Federal Reserve will raise interest rates again.

The US 10-year Treasury yield eased towards 4.97%, while Brent crude fell towards $101 a barrel.

Fed risk remains gold's biggest obstacle, with higher interest rates increasing the opportunity cost of holding an asset that pays no income.