August JOLTS job openings fell to 7.079 million, missing the projected 7.225 million, while consumer confidence plummeted to 81.9—its lowest level since 2014. These figures, coupled with comments from New York Fed President John Williams regarding a lack of urgency for policy shifts, saw October rate-hike probabilities slide to 51.5% from 70.9% on Monday.

Despite the recovery in metals, the broader market remains cautious. The 10-year Treasury yield persists near 5.25%, maintaining pressure on duration-sensitive equities. North American indices closed lower, with the S&P 500 shedding 0.2% and the Dow Jones Industrial Average dropping 0.3%. Meanwhile, crude oil prices retreated as signs of recovering exports from the Middle East helped dampen inflation concerns, further aiding the dollar-sensitive gold market. Investors are now looking toward Wednesday’s PCE inflation data and Friday’s September employment report to determine if the current metals rally can sustain its momentum or if higher yields will regain their grip.