Institutions: Gold Stabilizes and Rebounds but Pressure Persists, Market Awaits US Economic Data for Direction
Odaily News — Institutional analysis indicates that spot gold edged higher on Tuesday but remained trading below $4,200/oz, following a sell-off in the precious metals market on Monday triggered by US Treasury yields rising to multi-decade highs and gains in crude oil. An IG analyst said: "With markets expecting the Fed to keep interest rates high for longer, dampening investor interest in non-yielding assets, gold has only rebounded modestly and remains near its lowest level since early August."
According to the CME FedWatch tool, traders currently price in a 72.5% probability of a Fed rate hike in October. The market is now focused on a series of US economic data, including the consumer confidence index and job openings data due later on Tuesday. (Jinshi)

