Gold is moving lower as traders remain worried about hawkish Fed despite recent CPI and PPI reports. FedWatch Tool indicates that there is a 48.5% probability that Fed will raise the federal funds rate at the meeting in September. Interestingly, the market believes that there is a 5.9% chance of two rate hikes by September. These expectations put pressure on gold markets. Treasury yields are moving higher, putting additional pressure on the price of gold. The yield of 2-year Treasuries settled above 4.16%, while the yield of 10-year Treasuries climbed above the 4.57% level. Rising Treasury yields are bearish for gold ... (full story)