{"id":41907,"date":"2023-07-29T05:55:39","date_gmt":"2023-07-29T09:55:39","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-ends-below-1950-for-first-time-in-two-weeks-as-treasury-yields-pop-and-u-s-economic-growth-surprises\/"},"modified":"2023-07-29T05:55:40","modified_gmt":"2023-07-29T09:55:40","slug":"gold-ends-below-1950-for-first-time-in-two-weeks-as-treasury-yields-pop-and-u-s-economic-growth-surprises","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41907","title":{"rendered":"Gold ends below $1,950 for first time in two weeks as Treasury yields pop and U.S.  economic growth surprises"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002330288\" role=\"document\">\n<p>Gold prices declined on Thursday, ending below $1,950 an ounce, a day after the Federal Reserve\u2019s policy decision to increase rates to the highest level in 22 years. Fed staff also now view a U.S. recession as avoidable. <\/p>\n<p>Data Thursday showed stronger-than-expected U.S. second-quarter growth, contributing to a rise in the  dollar and Treasury yields, while pulling prices for the precious metal to the lowest in more than two weeks.  Price action<\/p>\n<div class=\"paywall\">\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=\"positive\">+0.67%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"positive\">+0.67%<\/bg-quote><br \/>\n       fell $24.40, or 1.2%, to settle at $1,945.70 per ounce on Comex, the lowest closing level for a most-active contract since July 11, according to Dow Jones Market Data.<\/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\">+0.44%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+0.44%<\/bg-quote><br \/>\n        shed 60 cents, or 2.4%, settling at $24.37 per ounce, the lowest finish for a most-active contract since July 12.<\/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\">-0.12%<\/bg-quote><br \/>\n      \u00a0declined by 2.8%, to $945 per ounce, while palladium for September delivery<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+0.40%<\/bg-quote><br \/>\n       fell 1.5% to $1,236.6 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\">+1.48%<\/bg-quote><br \/>\n       closed at $3.8755 per pound, down 0.7%. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>A better-than-expected  reading on second-quarter U.S. gross domestic product boosted both long-term Treasury yields and the U.S. dollar index, all \u201cbearish factors for gold,\u201d said Michael Armbruster, managing partner at Altavest.<\/p>\n<p>The U.S. economy grew at a 2.4% annual pace in the second quarter. Analysts had forecast a 2% increase in GDP. <\/p>\n<p>Treasury yields popped across the curve \u201cas expectations for a Fed rate cut have been pushed back,  raising the US dollar and dropping gold,\u201d Louis Navellier, chief investment officer and founder of Navellier &amp; Associates, wrote Thursday, in a client note.<\/p>\n<p>Strong U.S. GDP data gives the Fed \u201cmore fire power in relation to the interest-rate decision, which means that they need to be less concerned about the economic weakness\u201d from increases in rates, Naeem Aslam, chief investment officer at Zaye Capital Markets told MarketWatch. \u201cThis has brought more strength to the dollar and hence the gold price has experienced a move to the downside.\u201d<\/p>\n<p>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\">-0.07%<\/bg-quote><span>,<\/span><br \/>\n       a closely watched gauge of the dollar\u2019s value against other major currencies, was up by 0.8% at 101.65 in recent trade. The yield on the 10-year Treasury<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.953%<\/bg-quote><br \/>\n       was also at 4%, up from 3.850% Wednesday afternoon.<\/p>\n<p>Gold prices pushed higher on Wednesday afternoon as the U.S. dollar and Treasury yields weakened, after Fed Chairman Jerome Powell left open the question of further interest rate rises this year, after lifting the Fed\u2019s policy rate by a quarter percentage point, bringing its range to the highest level in 22 years.<\/p>\n<p><strong>Read:<\/strong> Why gold prices climbed after the Fed\u2019s decision to raise interest rates<\/p>\n<p>Armbruster said Altavest is still a longer-term gold bull, viewing Thursday\u2019s dip in prices as \u201clikely a buying opportunity.\u201d<\/p>\n<p>\u201cWe anticipate the economy slowing down and Treasury yields dropping in coming months.\u00a0We are in the hard landing camp,\u201d he said. Gold prices tend to advances in times of recession. <\/p>\n<p><em>\u2014Joseph Adinolfi contributed reporting<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-climb-after-latest-fed-rate-hike-64efb3d2?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices declined on Thursday, ending below $1,950 an ounce, a day after the Federal Reserve\u2019s policy decision to increase rates to the highest level in 22 years. Fed staff also now view a U.S. recession as avoidable. Data Thursday showed stronger-than-expected U.S. second-quarter growth, contributing to a rise in the dollar and Treasury yields, [&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-41907","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 ends below $1,950 for first time in two weeks as Treasury yields pop and U.S. economic growth surprises | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices declined on Thursday, ending below $1,950 an ounce, a day after the Federal Reserve\u2019s policy decision to increase rates to the highest level\" 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