UBS lowered its year-end gold price forecast by $100 to $1,850.
Gold halted its decline on Wednesday but stayed near a seven-month low as expectations of the Federal Reserve keeping interest rates higher for longer continued to weigh on investor sentiment.
Meanwhile, the benchmark US 10-year bond yield scaled fresh 16-year highs, capping gains in non-yielding assets like bullion. Pressure on gold prices was alleviated after data showed US private payrolls increased far less than expected in September. Gold also benefitted from a softer dollar. The dollar index, which tracks the greenback against six peers, was down 0.2% Wednesday morning.
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