Gold futures on track for sharpest daily tumble in a month as Treasury yields and U.S. dollar rise

Gold futures on Tuesday were on track for the sharpest daily fall in about a month as the U.S. dollar strengthened and Treasury yields climbed, weighing on appetite for precious metals.

The weakness in gold is likely a “classic ‘give back’ of an overdone reaction to the [Federal Reserve’s] likely hold stance following a serious ‘miss’ on the August U.S. payroll report,” analysts at Zaner wrote in Tuesday’s markets commentary.

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