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Gold holds steady as WTI drops and the dollar eases

Gold was quoted around $4,280 per ounce after trading as low as $4,254, while WTI fell more than 3% to about $91.0 a barrel.

Reported · Written up by our desk · Precious Metals

Gold prices stabilized after two days of losses, supported by a softer tone in oil and a modest easing in the US dollar, according to FXStreet. The XAU/USD pair traded around $4,280 after hitting a low near $4,254.

FXStreet said the US Dollar Index, or DXY, was down 0.22% at 101.02, while the US 10-year Treasury yield eased by nearly 2 basis points to 5.192%. Despite that, traders increased expectations that the Federal Reserve could keep tightening as inflation concerns linger.

On the oil side, FXStreet tied the move to price pressure, noting West Texas Intermediate was down more than 3% to about $91.0 per barrel. The article also referenced US-Iran negotiations, where talks were described as moving into a detailed technical phase while a senior Iranian official said the Strait of Hormuz would remain closed.

Latest closeGold $4,320.50 ▲0.5%|WTI crude $92.44 ▼2.3%|Dollar index 101.03 ▼0.2%

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