{"id":38950,"date":"2023-07-22T02:07:12","date_gmt":"2023-07-22T06:07:12","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-prices-log-first-loss-in-3-sessions-as-treasury-yields-dollar-rise\/"},"modified":"2023-07-22T02:07:13","modified_gmt":"2023-07-22T06:07:13","slug":"gold-prices-log-first-loss-in-3-sessions-as-treasury-yields-dollar-rise","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38950","title":{"rendered":"Gold prices log first loss in 3 sessions as Treasury yields, dollar rise"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002300438\" role=\"document\">\n<p>Gold futures settled lower on Thursday as strength in the U.S. dollar and higher Treasury yields prompted prices to post their first loss in three sessions.<\/p>\n<p>The yellow metal had found support in recent days, settling at a six-week high on Tuesday, and ending flat Wednesday, buoyed by expectations that the Federal Reserve\u2019s interest-rate hiking cycle may soon be over.  <\/p>\n<div class=\"paywall\">\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=\"negative\">-0.36%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"negative\">-0.36%<\/bg-quote><br \/>\n       declined by $9.90, or 0.5%, to settle at $1,970.90 an ounce on Comex.<\/p>\n<\/li>\n<li>\n      Silver for September delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.73%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"negative\">-0.73%<\/bg-quote><br \/>\n       fell 43 cents, or 1.7%, to $24.96 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\">+0.77%<\/bg-quote><br \/>\n       lost $20.70, or 2.1%, to $964.10 per ounce, while September palladium<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+1.04%<\/bg-quote><br \/>\n      \u00a0fell by $32.10, or2.5%, to $1,275.30 per ounce.<\/p>\n<\/li>\n<li>\n      September copper<br \/>\n        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"negative\">-0.42%<\/bg-quote><br \/>\n       gained 2 cents, or 0.5%, to $3.83 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cInflation continues to come down and I expect that to continue,\u201d said Adam Koos, president at Libertas Wealth Management Group. However, \u201cinflation hasn\u2019t been the biggest enemy to gold lately.\u00a0 It\u2019s been interest rates and the dollar.\u201d\u00a0<\/p>\n<p>As interest rates continue to \u201cslow their incline\u201d \u2014 as the Fed reaches the end of its hiking cycle \u2014 all eyes are going to be \u201cglued to the greenback, and I don\u2019t know that it has the strength to hang in there as the year moves on,\u201d he said. <\/p>\n<p>In Thursday 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=\"positive\">+0.20%<\/bg-quote><br \/>\n       was up 0.5% at 100.827. The index traded higher for the week but lower month to date. The yield on the 10-year Treasury note<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.840%<\/bg-quote><span>,<\/span><br \/>\n       meanwhile, was up 11.5 basis points at 3.855%.  Typically, higher yields and a stronger dollar weigh on the price of gold.  <\/p>\n<p>If the dollar strengthens, gold may stall and continue its \u201cchop-fest sideways.\u00a0 But if it doesn\u2019t \u2014 if the dollar breaks down \u2014 I see gold ending 2023 at all-time highs,\u201d said Koos. <\/p>\n<p>Taking a look at technical trading, Koos said he sees a lot of volume on up-days and muted volume on down-days in gold. <\/p>\n<p>That \u201cspeaks to the demand in the market,\u201d he said. \u201cIt seems gold is carving out the right side of its base, heading on a trip up north to visit $2,040 again.\u201d Gold futures, based on the most-active contracts, settled as high as $2,069.40 on Aug. 6, 2020.<\/p>\n<p>On Thursday, the U.S. government reported that the number of Americans who applied for unemployment benefits last week fell to a two-month low of 228,000.<\/p>\n<p>Gold bears pounced onto the scene after jobless claims unexpectedly fell, said Lukman Otunuga, manager, market analysis at FXTM. Given how this report suggests that labor markets \u201cremain resilient, this stimulated expectations around the Fed keeping rates higher for longer.\u201d <\/p>\n<p>The precious metal could \u201cexperience further losses in the short term if prices break below the $1,970 level,\u201d said Otunuga. Still, regardless of recent losses, gold\u2019s \u201cmedium to longer-term outlook is likely to be influenced by what actions the [Fed] takes next week.\u201d The central bank will end a two-day monetary policy meeting on Wednesday.<\/p>\n<p>Also  on Comex Thursday, prices for copper bucked the overall trend to end a bit higher, getting a boost from\u00a0\u201ctwo positive Asia Pacific developments overnight,\u201d said Colin Cieszynski, chief market strategist at SIA Wealth Management. The People\u2019s Bank of China held its benchmark interest rate at 3.55%, and Australia, a big supplier of commodities to China reported strong employment, he said. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-edges-up-to-fresh-6-week-high-despite-rise-in-treasury-yields-c4366c7b?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures settled lower on Thursday as strength in the U.S. dollar and higher Treasury yields prompted prices to post their first loss in three sessions. The yellow metal had found support in recent days, settling at a six-week high on Tuesday, and ending flat Wednesday, buoyed by expectations that the Federal Reserve\u2019s interest-rate hiking [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-38950","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 log first loss in 3 sessions as Treasury yields, dollar rise | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures settled lower on Thursday as strength in the U.S. dollar and higher Treasury yields prompted prices to post their first loss in 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