Gold price falls as oil rebounds, Fed outlook weighs on market - Mining.com.au

AI desk brief

Gold slipped to US$4,134/oz on Wednesday, down 0.74% on the session, as higher Treasury yields and a rebound in oil prices pressured bullion. The move partly reversed recent gains, with oil firming on renewed Middle East supply-disruption fears and yields staying near multi-decade highs amid persistent inflation and fiscal concerns.

Markets are pricing an almost 80% chance the Fed leaves rates unchanged this month after softer September payrolls, and investors now await the latest Fed minutes for policy clues. Despite the pullback, gold is still up 2.24% year on year, and an LBMA survey cited in the piece points to potential 22% upside from current levels into next year.