Gold held around $1,860 an ounce on Tuesday after gaining more than 2% in the past two sessions, underpinned by a softer dollar and Treasury yields amid bets that the US Federal Reserve will not raise interest rates in November. Fed Vice Chair Philip Jefferson said the central bank would need to “proceed carefully” given the recent rise in yields, while Dallas Fed President Lorie Logan said there may be less need to tighten further if long-term rates remain elevated. Markets are now seeing an 86% chance that the Fed will hold rates steady next month, according to the CME FedWatch Tool. On Monday, gold jumped 1.6% as the Israel-Hamas conflict raised geopolitical risk in the Middle East, driving safe-haven demand for the metal.
