PRECIOUS METALS | Gold Holds Below $4,500 as Fed Rate-Hike Bets Rise

According to Jin10, gold remained below $4,500 per ounce as a selloff in global government bonds and rising expectations for a Federal Reserve rate hike weakened its appeal. Oil prices rose, and Fed Chair Kevin Warsh's hawkish remarks at the Jackson Hole conference pushed investors to raise their expectations for a near-term Fed rate hike. Australia and New Zealand Banking Group (ANZ) analysts said the shift in market sentiment could temporarily block funds from flowing into the gold market, adding that gold currently looks vulnerable to selling as markets adjust to the clearly changing monetary policy environment.