Spot gold rose modestly on Tuesday but stayed below $4,200/oz, near early-August
lows, after Monday’s selloff driven by U.S. Treasury yields rising to
multi-decade highs and higher oil. Markets price a longer period of higher Fed
rates, weighing on demand for non-yielding assets; the CME FedWatch tool shows a
72.5% chance of an October rate hike. Traders are watching U.S. consumer
confidence and job-openings data due later Tuesday.
