According to data released by the U.S. Commodity Futures Trading Commission (CFTC), as of the week ending August 25, speculative net long positions in COMEX gold increased by 5,383 contracts, bringing the total to 151,315 contracts, the highest level in 11 months.

On Tuesday, following Federal Reserve Governor Waller’s call to consider a 50 basis point rate hike at the December meeting, this year’s FOMC rotating voting member Lorie Logan reiterated a hawkish stance, stating, "Given the current economic outlook, I believe at least two more rate hikes of 25 basis points each are needed. The pace of rate hikes this winter may be faster than what we have seen so far this autumn." On Tuesday, the two-year US Treasury yield jumped 19 basis points in a single day, reaching 4.74%.