{"id":29370,"date":"2023-06-29T20:53:36","date_gmt":"2023-06-30T00:53:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-down-a-third-straight-session-to-end-at-lowest-price-since-march\/"},"modified":"2023-06-29T20:53:37","modified_gmt":"2023-06-30T00:53:37","slug":"gold-down-a-third-straight-session-to-end-at-lowest-price-since-march","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=29370","title":{"rendered":"Gold down a third straight session to end at lowest price since March"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002228410\" role=\"document\">\n<p>Gold prices fell toward a key $1,900 mark on Thursday to settle at the lowest since March as Federal Reserve Chair Jerome Powell\u2019s recent comments in Sintra, Portugal, and in Madrid, Spain, weighed on the yellow metal. <\/p>\n<p>Strength in the U.S. dollar and Treasury yields, as upbeat U.S. economic data released Thursday raised the possibility of a July interest-rate hike by the Fed, contributed to gold\u2019s loss. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.05%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"negative\">-0.05%<\/bg-quote><br \/>\n       fell by $4.30, or 0.2%, to settle at $1,917.90 per ounce on Comex. That was the lowest finish for a most-active contract since March 14, FactSet data show.<\/p>\n<\/li>\n<li>\n      Silver futures for September delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.04%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"negative\">-0.04%<\/bg-quote><br \/>\n       declined by 29 cents, or 1.2%, to $22.80 per ounce.<\/p>\n<\/li>\n<li>\n      Palladium for September delivery<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+0.50%<\/bg-quote><br \/>\n       shed $19.50, or 1.6%, to $1,227.40 per ounce, while platinum for October<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.24%<\/bg-quote><br \/>\n       fell by $18.10, or 2%, to $906.80 per ounce. <\/p>\n<\/li>\n<li>\n      Copper for September delivery<br \/>\n        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"positive\">+0.01%<\/bg-quote><br \/>\n       fell by 4 cents, or 1.2%, to $3.70 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>The positive final revision for first quarter U.S. GDP to 2%, along with a drop in jobless claims, point to a July interest-rate hike by the Federal Reserve, and that pressured gold prices, said Jeff Wright, chief investment officer at Wolfpack Capital.<\/p>\n<p>Against that backdrop, the ICE U.S. Dollar index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"negative\">-0.03%<\/bg-quote><br \/>\n       rose 0.4% to 103.31, while the yield on the 10-year Treasury<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.840%<\/bg-quote><br \/>\n       was at 3.852%, up from 3.711% Wednesday afternoon.<\/p>\n<p>Wright said he believes a 25 basis-point rate increase is \u201calmost a certainty for July, but not a more aggressive increase as the PCE price index was slight under at 4.1% vs. 4.2% estimates.\u201d\u00a0Inflation is \u201cstill elevated but showing some measure of control,\u201d he said. <\/p>\n<p>For now, he does \u201cnot see a case or rationale to hold any gold or gold securities in the portfolio,\u201d with the risk-free rate of short-term U.S. Treasurys yielding over 5%.<\/p>\n<p>Still, Peter Spina, president of GoldSeek.com, told MarketWatch that gold may be \u201cfinishing off its pullback here,\u201d as the market is hitting or very close to seeing the \u201cSummer doldrum lows\u201d being established. <\/p>\n<p>\u201cWe can expect gold to start drifting back higher and preparing itself for another attempt at record price highs as we move into the last two quarters of 2023,\u201d said Spina. \u201cThis is the time to buy when sentiment has gone weak.\u201d<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span> \u201cThis is the time to buy when sentiment has gone weak.\u201d <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span>\n      <\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Peter Spina, GoldSeek.com<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>Prices for gold on Tuesday and Wednesday declined, with the drag lower extending to Thursday. Investors \u201cassessed the main message coming from this week\u2019s Sintra conference \u2014 that more policy tightening is on the way \u2014 and decided to punish the metal further,\u201d said Fawad Razaqzada, market analyst at City Index and Forex.com, in emailed commentary.<\/p>\n<p><strong>Read:<\/strong> Powell and other central bankers vow to keep fighting inflation until there is evidence of success<\/p>\n<p>Gold prices have been sliding since hitting their second-highest level on record in early May as central bankers, including Powell, have signaled that they plan to raise interest rates even higher to quash inflation, which remains well above targets set by central bankers around the world.<\/p>\n<p>Gold reached the second-highest settlement on record for a most-active contract when it finished at $2,055.70 an ounce\u00a0on May 4. The highest settlement level on record for the yellow metal arrived on Aug. 6, 2020, when prices finished at $2,069.40 per ounce, according to Dow Jones Market Data. <\/p>\n<p>For the month, as well as the quarter, to date, prices for the metal look to register declines. But as gold falls toward the $1,900 level, analysts including Razaqzada have suggested that bargain hunters might swoop in, keeping gold from falling further and perhaps sparking a modest rebound.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-falls-to-lowest-level-in-more-than-3-months-after-latest-comments-from-powell-8cf32ee1?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices fell toward a key $1,900 mark on Thursday to settle at the lowest since March as Federal Reserve Chair Jerome Powell\u2019s recent comments in Sintra, Portugal, and in Madrid, Spain, weighed on the yellow metal. Strength in the U.S. dollar and Treasury yields, as upbeat U.S. economic data released Thursday raised the possibility [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-29370","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 down a third straight session to end at lowest price since March | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices fell toward a key $1,900 mark on Thursday to settle at the lowest since March as Federal Reserve Chair Jerome Powell\u2019s recent comments in\" \/>\n<meta name=\"robots\" content=\"index, follow, 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