Gold Holds Losses Near $4,290 as Oil Spike, Strong US Data Lift Rate-Hike Bets

Gold steadied near $4,290 an ounce on Sept. 24 after falling 1.7% the prior session, pressured as rising energy prices and robust US economic data bolstered expectations the Federal Reserve may raise interest rates again. Oil climbed after Iranian President Masoud Pezeshkian told the UN his country would not permit freedom of navigation through the Strait of Hormuz while sanctions and a US blockade persist, complicating efforts to revive peace talks with Washington. The S&P Global flash US composite PMI rose to 58.4 in September, the highest since July 2021. Five-year Treasury yields exceeded 5% for the first time since 2007. Fed Governor Michael Barr said further increases are likely needed to return inflation to 2%. Swap markets now price at least three hikes by April 2027. Spot gold edged up 0.1% to $4,290.29 an ounce in Singapore. Silver slipped 0.2% to $64.31 after a 4% drop.