{"id":37928,"date":"2023-07-19T21:20:24","date_gmt":"2023-07-20T01:20:24","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-prices-settle-at-6-week-high-as-weaker-u-s-dollar-lower-treasury-yields-boost-metals\/"},"modified":"2023-07-19T21:20:25","modified_gmt":"2023-07-20T01:20:25","slug":"gold-prices-settle-at-6-week-high-as-weaker-u-s-dollar-lower-treasury-yields-boost-metals","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37928","title":{"rendered":"Gold prices settle at 6-week high as weaker U.S. dollar, lower Treasury yields boost metals"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002289051\" role=\"document\">\n<p>Gold prices settled at their highest level in six weeks on Tuesday, as weakness in the U.S. dollar and lower Treasury yields helped keep prices of precious metals and commodities elevated. <\/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\">+0.08%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"positive\">+0.08%<\/bg-quote><br \/>\n       gained $24.40, or nearly 1.3%, to settle at $1,980.80 per ounce on Comex. Prices for the most-active contract settled at the highest since June 6, 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\">-0.11%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"negative\">-0.11%<\/bg-quote><br \/>\n       rose by 24 cents, or almost 1%, to $25.26 per ounce. <\/p>\n<\/li>\n<li>\n      October platinum<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"negative\">-0.15%<\/bg-quote><br \/>\n       added $6.90, or 0.7%, to $994.40 per ounce, while palladium for September<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"negative\">-0.18%<\/bg-quote><br \/>\n       rose by $35.40, or 2.8%, to $1,316.50 per ounce. <\/p>\n<\/li>\n<li>\n      Copper futures for September<br \/>\n        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"positive\">+0.20%<\/bg-quote><br \/>\n       declined by a penny, or 0.4%, to $3.83 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold futures trade higher week to date and were poised to end higher for the month.<\/p>\n<div class=\"paywall\">\n<p>Recent gains for the precious metal have been triggered by the U.S. dollar falling sharply last week amid expectations that the Federal Reserve is \u201cclose to reaching the end of its rate-hiking cycle, after both CPI and PPI measures of inflation came in weaker than expected,\u201d said Fawad Razaqzada, market analyst at City Index and Forex.com. <\/p>\n<p>Gold prices have recovered in the past week from three month lows following the release last Wednesday of the U.S. consumer-price index for June which was heralded by market analysts as a possible inflection point in the Federal Reserve\u2019s battle against inflation. Last week\u2019s U.S. CPI report showed consumer prices grew by just 0.2% in June, the slowest monthly pace since August 2021.<\/p>\n<p>As a result, the prices of gold, silver and other commodities like crude oil have risen, bolstered by a softer U.S. dollar and lower Treasury yields. Lower Treasury yields make assets like gold, which doesn\u2019t offer investors a yield, more attractive by comparison. <\/p>\n<p>Data Tuesday showing weaker U.S. retail sales and industrial production data further fueled expectations for and end to the Fed\u2019s rate-hiking cycle, causing Treasury yields to fall, which in turn \u201chelped to support low- and zero-yielding assets, like gold and silver,\u201d Razaqzada said in a market update.<\/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\">-0.13%<\/bg-quote><span>,<\/span><br \/>\n       a gauge of the dollar\u2019s strength against other major currencies, was up 0.2% at 100.03 Tuesday, but is  around 2.8% lower month to date. The 10-year Treasury yield<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.757%<\/bg-quote><br \/>\n       fell by 2  basis points to 3.78%. <\/p>\n<p>\u201cFresh volatility could be on the cards for gold over the next few days as investors focus not only on U.S. economic data but corporate earnings, which could influence overall sentiment,\u201d said Lukman Otunuga, manager, market analysis at FXTM. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-hit-4-week-high-as-weaker-u-s-dollar-lower-treasury-yields-boost-metals-6a9d0c6b?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices settled at their highest level in six weeks on Tuesday, as weakness in the U.S. dollar and lower Treasury yields helped keep prices of precious metals and commodities elevated. Price action Gold futures for August delivery GC00, +0.08% GCQ23, +0.08% gained $24.40, or nearly 1.3%, to settle at $1,980.80 per ounce on Comex. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-37928","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices settle at 6-week high as weaker U.S. dollar, lower Treasury yields boost metals | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices settled at their highest level in six weeks on Tuesday, as weakness in the U.S. dollar and lower Treasury yields helped keep prices of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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