Gold price holds $4,135 as central-bank buying offers the floor

Gold was changing hands near $4,135.90 in early Wednesday trading, down 0.16% on the day and on track for a third straight down session, as a ~92% December-hike probability and a 5.09% 10-year Treasury cap the non-yielding metal. The offset is a structural bid that does not move with Fed meetings: central banks are buying through the dip, and that demand is what has held gold inside its three-week consolidation band near $4,060 to $4,227.

Key Takeaways Gold (GC=F) is trading near $4,135.90 in the Wednesday session, down 0.16% on the day and on pace for a third straight down session, capped by ~92% December-hike odds and a 5.09% 10-year yield. Central banks bought a reported 39t net in August…