Gold Steadies as US Bond Yields Soften Rate-Hike Bets

Gold prices held steady on Thursday, gaining 0.1% to $4,182.20 an ounce in Singapore. The metal's performance was influenced by softer US bond yields, which reduced bets of a forthcoming interest rate hike.

The US Treasury yield curve eased across the board, with the 10-year yield retreating from its 24-year high. This shift helped drive down the chances of a rate increase in October to around 27%, down from 70% earlier in the week.

According to Senior Market Analyst Hebe Chen at Vantage Global Markets, 'Gold's quiet opening is more of a calm surface hiding the intense cross-currents underneath.' Chen noted that while softer US inflation and fading expectations for another rate hike are giving gold some breathing room, persistently elevated Treasury yields remain a ceiling, keeping prices pinned around $4,100.