{"id":38456,"date":"2023-07-20T23:17:03","date_gmt":"2023-07-21T03:17:03","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-prices-hold-ground-at-their-highest-in-6-weeks\/"},"modified":"2023-07-20T23:17:04","modified_gmt":"2023-07-21T03:17:04","slug":"gold-prices-hold-ground-at-their-highest-in-6-weeks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38456","title":{"rendered":"Gold prices hold ground at their highest in 6 weeks"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002294999\" role=\"document\">\n<p>Gold futures ended flat on Wednesday, with a further retreat in Treasury yields helping prices hold at their highest level since early June, but a turn higher this week for the U.S. dollar limited gains for the precious metal.<\/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><br \/>\n      \u00a0<br \/>\n        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"positive\">+0.08%<\/bg-quote><br \/>\n       settled unchanged $1,980.80 an ounce on Comex. That\u2019s the same price at the end of Tuesay\u2019s session, which marked the highest finish for a most-active contract 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=\"positive\">+0.29%<\/bg-quote><br \/>\n      \u00a0<br \/>\n        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+0.29%<\/bg-quote><br \/>\n       climbed by 13 cents, or 0.5%, to $25.39 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=\"positive\">+0.36%<\/bg-quote><br \/>\n      \u00a0lost $9.60, or 1%, to $984.80 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=\"positive\">+0.49%<\/bg-quote><br \/>\n      \u00a0fell by $9.10, or 0.7%, to $1,307.40 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\">+0.53%<\/bg-quote><br \/>\n      \u00a0declined by 2 cents, or 0.4%, to $3.81 per pound.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cSlower inflation, higher gold prices might seem an odd headline to anyone who believes precious metals need the cost of living to rise for the bullion market to jump,\u201d said Adrian Ash, director of research at BullionVault. <\/p>\n<div class=\"paywall\">\n<p>However, \u201cinterest-rate expectations matter much more right now, and after testing the floor at $1,900 three weeks ago, gold has shot higher on the sudden switch from higher-for-longer to peaking-sooner-than-later,\u201d he told MarketWatch.<\/p>\n<p>Gold futures trade higher for the week so far, and remain on track to notch gains for the month and year to date.<\/p>\n<p>The U.S. dollar strengthened Wednesday, putting some pressure dollar-denominated gold prices. 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\">-0.11%<\/bg-quote><span>,<\/span><br \/>\n       a gauge of the dollar\u2019s value against major currencies, rose 0.4% to 100.307, with the index trading around 0.4% higher for the week.<\/p>\n<p>U.S. Treasury yields, however, continued to move a bit lower, with the 10-year Treasury yield<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.849%<\/bg-quote><br \/>\n       down 5.1 points at 3.742% and trading down for the week. Falling bond yields can boost the luster of gold, which offers no yield.<\/p>\n<p>Looking ahead, next week\u2019s Federal Reserve policy meeting could be a make-or-break moment for gold, as investors will be watching  to try and gauge whether the latest batch of U.S. economic data has prompted the Fed to significantly change its plans for further interest rate increases. <\/p>\n<p>\u201cHow long gold can continue to trade at such high levels remains to be seen with the reaction to next week\u2019s Fed rate decision a key staging post for gold\u2019s long-term durability,\u201d said Rupert Rowling, a market analyst at Kinesis Money.<\/p>\n<p>\u201cConsidering that another increase is priced in already, gold may yet prove able to shrug off the latest hike but if there is an indication in the press conference and supporting commentary that further hikes are still likely, then gold could fall sharply.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-slip-from-6-week-high-as-u-s-dollar-firms-82801b7?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures ended flat on Wednesday, with a further retreat in Treasury yields helping prices hold at their highest level since early June, but a turn higher this week for the U.S. dollar limited gains for the precious metal. Price action Gold futures for August delivery GC00, +0.08% \u00a0 GCQ23, +0.08% settled unchanged $1,980.80 an [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-38456","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 hold ground at their highest in 6 weeks | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures ended flat on Wednesday, with a further retreat in Treasury yields helping prices hold at their highest level since early June, but a turn\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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