{"id":34407,"date":"2023-07-11T22:20:06","date_gmt":"2023-07-12T02:20:06","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-prices-end-at-a-nearly-3-week-high-on-the-back-of-a-weaker-u-s-dollar-and-bond-yields\/"},"modified":"2023-07-11T22:20:07","modified_gmt":"2023-07-12T02:20:07","slug":"gold-prices-end-at-a-nearly-3-week-high-on-the-back-of-a-weaker-u-s-dollar-and-bond-yields","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34407","title":{"rendered":"Gold prices end at a nearly 3-week high on the back of a weaker U.S. dollar and bond yields"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002263497\" role=\"document\">\n<p>Gold futures settled at their highest in almost three weeks on Tuesday, finding strength on the back of weakness in the U.S. dollar weakened and a fall in Treasury yields ahead of Wednesday\u2019s release of U.S. inflation data, which are expected to help guide the Federal Reserve\u2019s decision on path for interest rates. <\/p>\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=\"positive\">+0.25%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"positive\">+0.25%<\/bg-quote><br \/>\n       gained $6.10, or 0.3%, to settle at $1,937.10 per ounce on Comex. That was the lowest most-active contract finish since June 21, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      Silver futures for September delivery\u00a0<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+0.55%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+0.55%<\/bg-quote><br \/>\n       fell 6 cents, or 0.3%, to $23.28 per ounce. <\/p>\n<\/li>\n<li>\n      Palladium futures for September<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"negative\">-0.27%<\/bg-quote><br \/>\n       climbed by $11.20, or 0.9%, to $1,247.90 per ounce, while platinum futures for October delivery<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.18%<\/bg-quote><br \/>\n        fell by $2.40, or 0.3%, to $932.40 per ounce. <\/p>\n<\/li>\n<li>\n      Copper futures for September delivery<br \/>\n        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"positive\">+0.39%<\/bg-quote><br \/>\n       fell by 2 cents, or 0.5%, to $3.77 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold and silver received a modest bump from a coterie of factors, including a weaker U.S. dollar and lower Treasury yields. <\/p>\n<div class=\"paywall\">\n<p>\u201cWe have seen bond yields decline at the start of this week, with investors potentially anticipating a weaker inflation report on Wednesday,\u201d Fawad Razaqzada, market analyst at StoneX, told MarketWatch. \u201cThis has reduced the opportunity cost of holding gold over bonds slightly.\u201d <\/p>\n<p>Other than that, gold is probably helped along by the weakness observed in the dollar, especially the likes of the U.S. dollar\/Japanese yen and U.S. dollar\/Swiss franc pairs, he said, while \u201cshort-side profit-taking is an additional reason behind [gold\u2019s] small gains.\u201d <\/p>\n<p>All told, gold is \u201cnot out of the woods just yet, with many major central banks still tightening policies,\u201d said Razaqzada.<\/p>\n<p>In Tuesday dealings, 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\">-0.29%<\/bg-quote><span>,<\/span><br \/>\n       a closely watched gauge of the dollar\u2019s strength, was down 0.3% at 101.70. The yield on the 10-year Treasury note<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.964%<\/bg-quote><br \/>\n       was off by 4.3 basis points at 3.967%. <\/p>\n<p>Traders are looking ahead to Wednesday\u2019s U.S. June inflation report, which is expected to show headline inflation easing to 3.1% while core consumer prices in the U.S. grew by 5% last month, down slightly from May. <\/p>\n<p>\u201cShould the report show further signs of slowing inflation, this could fuel speculation around the Fed\u2019s hiking cycle nearing an end,\u201d said Lukman Otunuga, manager, market analysis at FXTM, in market commentary. <\/p>\n<p>\u201cSuch a development could boost attraction for zero-yielding gold, potentially pushing prices beyond the $1,940 region and higher towards $1,960,\u201d he said. However, \u201cshould prices remain trapped below $1,932, this could open a path back to $1,910 and $1,900, respectively.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-slightly-higher-as-u-s-dollar-weakens-f8cf108b?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures settled at their highest in almost three weeks on Tuesday, finding strength on the back of weakness in the U.S. dollar weakened and a fall in Treasury yields ahead of Wednesday\u2019s release of U.S. inflation data, which are expected to help guide the Federal Reserve\u2019s decision on path for interest rates. Price action [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-34407","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 prices end at a nearly 3-week high on the back of a weaker U.S. dollar and bond yields | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures settled at their highest in almost three weeks on Tuesday, finding strength on the back of weakness in the U.S. dollar weakened and a fall in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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