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Gold falls for third straight day as Fed hike odds near 70%
Comex gold for December slid as much as 2.4% to a two-week low, while Comex silver for December dropped as much as 3.2% amid rising Treasury yields.
Gold extended its slide for a third straight session, trading near a two-week low as a global bond selloff pushed yields higher and boosted market expectations for a Federal Reserve rate increase this month to almost 70%, Mining.com reported.
In New York, Comex gold for December delivery fell as much as 2.4% to $4,374.10 an ounce, with spot gold down 1.7% to $4,362.57. By late morning, Comex gold was down 1.8% on the day at $4,398.90, marking bullion’s longest losing streak since early July and largely erasing its 2026 gain.
Comex silver for December delivery dropped as much as 3.2% to $64.83, before steadying at $65.48, down 2.3%. The gold to silver ratio moved to about 67 ounces of silver per ounce of gold, compared with 70 at the end of July.
The pressure was attributed to the bond market and related headwinds for non-yielding assets, with 10-year Treasury yields holding near 4.77% and the British equivalent rising 16 basis points to 5.22%, Mining.com said. The outlet also pointed to recent Fed comments from Governor Michael Barr about being prepared to raise rates if inflation does not subside, and it noted that gold had gained about 10% in August, its best month since January.
Latest closeGold $4,376.80 ▼1.2%|Silver $64.72 ▼2.3%