{"id":19906,"date":"2023-06-08T08:20:40","date_gmt":"2023-06-08T12:20:40","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-steadies-after-falling-to-one-week-low\/"},"modified":"2023-06-08T08:20:40","modified_gmt":"2023-06-08T12:20:40","slug":"gold-steadies-after-falling-to-one-week-low","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19906","title":{"rendered":"Gold steadies after falling to one-week low"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002152730\" role=\"document\">\n<p>Gold futures edged higher in early trade Thursday, steadying after feeling pressure the previous session in response to rising Treasury yields.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.15%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"positive\">+0.15%<\/bg-quote><br \/>\n       rose $1.60, or 0.1%, to $1,960 an ounce on Comex.<\/p>\n<\/li>\n<li>\n      July silver<br \/>\n        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"positive\">+1.24%<\/bg-quote><br \/>\n       was up 26.6 cents, or 1.1%, at $23.795 an ounce.<\/p>\n<\/li>\n<li>\n      July platinum<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"negative\">-0.39%<\/bg-quote><br \/>\n       fell 0.6% to $1,018.80 an ounce, while September palladium<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"negative\">-0.89%<\/bg-quote><br \/>\n       was down 1% at $1,373.50 an ounce.<\/p>\n<\/li>\n<li>\n      July copper<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"negative\">-0.21%<\/bg-quote><br \/>\n       fell 0.2% to $3.747 a pound.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>The Federal Reserve is expected to hold its policy interest rate steady when it meets next week, pausing after a series of rate hikes that have taken the fed-funds rate from near zero to 5% to 5.25% since March 2022. However, expectations that a pause won\u2019t be for long lifted Treasury yields on Wednesday, putting pressure on gold. Higher Treasury yields raise the opportunity cost of holding non-yielding assets.<\/p>\n<div class=\"paywall\">\n<p>A rate rise by the Bank of Canada on Wednesday, ending a lengthy pause, underscored fears that U.S. rates may still have room to rise in the face of stubborn inflation, analysts said.<\/p>\n<p><strong>Read: <\/strong>Why U.S. stock-market investors were rattled by the Bank of Canada\u2019s surprise rate hike<\/p>\n<p>Gold is trading near the 100-day moving average around the $1,940 level. Losses could accelerate if that\u2019s violated, said Ipek Ozkardeskaya, senior analyst at Swissquote Bank, in a note.<\/p>\n<p>\u201cThe next reasonable target for gold bears is $1905, the major 38.2% Fibonacci retracement on November to May rally, and which should distinguish between the actual positive medium term trend, and a bearish reversal,\u201d she said. <\/p>\n<p>Many technical analysts pay attention to what\u2019s known as the Fibonacci ratio, attributed to a 13th century Italian mathematician known as Leonardo \u201cFibonacci\u201d of Pisa. Technical analysts see key retracement targets for a rally from a significant low to a significant peak at 38.2%, 50% and 61.8%, while retracements of 23.6% and 76.4% are seen as secondary targets.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-steadies-after-falling-to-one-week-low-e78abce0?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures edged higher in early trade Thursday, steadying after feeling pressure the previous session in response to rising Treasury yields. Price action Gold for August delivery GC00, +0.15% GCQ23, +0.15% rose $1.60, or 0.1%, to $1,960 an ounce on Comex. July silver SIN23, +1.24% was up 26.6 cents, or 1.1%, at $23.795 an ounce. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-19906","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold steadies after falling to one-week low | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures edged higher in early trade Thursday, steadying after feeling pressure the previous session in response to rising Treasury yields.Price\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=19906\" \/>\n<meta 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