Gold near 7-week low as oil and Treasury yields rise

Gold prices remain near a seven-week low as rising oil prices and US Treasury yields heighten inflation and Federal Reserve rate hike concerns, pressuring the non-interest-paying metal. Spot gold edged up 0.4% to $4,131.10 an ounce Tuesday, while futures fell 0.2% to $4,162.32. The 10-year Treasury yield hit a 19-year high, and markets price a 70% probability of another Fed rate increase in October. Gold has dropped about 7% in September from around $4,510 an ounce. Investors now await Wednesday's personal consumption expenditures inflation data and Friday's jobs report for further direction on Fed policy.