Gold Prices Steady at $4,280 Amid Elevated US Yields

Gold prices steadied at $4,280 on Friday after two days of declines. The precious metal had earlier dipped to $4,254 as US yields and inflation expectations continued to influence market sentiment.

The Federal Reserve's potential interest rate hike is still a key driver in the gold market. Prime Terminal places the odds of an October rate rise at 64%, with a nearly 93% chance for December. Elevated US yields are also capping upside, with the 10-year Treasury yield holding steady at 5.192%. Inflation expectations rose to 4.6% for the year and 3.4% for five-to-ten years.

WTI oil's retreat helped ease pressure on the US dollar, which fell by 0.22% to 101.02. However, technical indicators suggest that gold may struggle to break past the $4,300 resistance level. Short-term bearishness is expected as long positions carry significant risk.