Gold Steadies Amid Easing US Bond Yields and Reduced Rate Hike Bets

Gold prices steadied on October 2 as easing US bond yields reduced bets for interest rate hikes. The precious metal gained up to 1.2% and traded above $4,200 an ounce.

The US jobs market slowdown reinforced expectations that the Federal Reserve will keep rates unchanged in October. The September employment report showed fewer jobs added than expected, with a higher unemployment rate.

This development eased pressure on the Fed to tighten monetary policy, which typically weighs on gold prices.