Gold edges up after hitting 2-month low as markets weigh Fed rate path - CNBC

AI desk brief

Gold edged up 0.3% to $4,122.99/oz after hitting a two-month low in the prior session, but the broader setup remains pressured by a firmer dollar and higher U.S. Treasury yields. December futures rose 0.18% to $4,147.90/oz as traders parsed September Fed minutes for the rate path, with CME FedWatch implying just a 21.6% chance of an October hike but an 85% probability in December.

The minutes showed policymakers split over whether to raise rates again, with some focused on energy-driven inflation and others on demand-side price pressure. Geopolitical risk is also feeding the tape: vessel transits through the Strait of Hormuz fell to the lowest in more than two months after renewed tanker attacks, supporting inflation hedging demand but not enough to offset the hawkish rates backdrop near term.