Gold holds steady as dollar and yields rise

Gold prices remained stable during Monday's trading sessions due to the pressure from the rising US dollar and American bond yields, which offset the impact of decreased expectations for interest rate hikes by the Federal Reserve. The spot gold price declined slightly by 0.1% to $4,137.79 per ounce, while December futures for gold increased by 0.1% to $4,166 per ounce. Market analysts explained that the rise in the dollar index and the yields on 10-year US Treasury bonds reduced gold's appeal as a safe haven, with the likelihood of interest rate hikes in October falling to 22%. Investors are also awaiting the minutes of the Federal Open Market Committee’s policy meeting. On the other hand, prices of other precious metals increased: silver rose by 1.3% to $61.17, platinum by 1.2% to $1,719.14, and palladium by 1% to $1,178.99 per ounce.

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