{"id":49767,"date":"2023-08-17T17:46:23","date_gmt":"2023-08-17T21:46:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-prices-tally-a-9th-straight-session-decline\/"},"modified":"2023-08-17T17:46:25","modified_gmt":"2023-08-17T21:46:25","slug":"gold-prices-tally-a-9th-straight-session-decline","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=49767","title":{"rendered":"Gold prices tally a 9th straight session decline"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002409695\" role=\"document\">\n<p>Gold futures ended lower on Thursday to tally a ninth straight session decline, the longest streak of daily losses since 2017, with the yellow metal pressured by rising global bond yields and overall strength in the U.S. dollar. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for December delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.49%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"negative\">-0.49%<\/bg-quote><br \/>\n       declined by $13.10, or 0.7%, to settle at $1,915.20 on Comex. The yellow metal booked its longest losing streak since the 9-day streak ending\u00a0March 10, 2017, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      Silver futures for September<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+0.91%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+0.91%<\/bg-quote><br \/>\n       increased by 18 cents, or 0.8%, to $22.72 per ounce. <\/p>\n<\/li>\n<li>\n      Palladium futures for September delivery<br \/>\n        PA00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210237962\/delayed\" class=\"positive\">+0.87%<\/bg-quote><\/p>\n<p>        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+0.87%<\/bg-quote><br \/>\n       rose $8.10, or 0.7%, to $1,220.50 per ounce, while platinum futures for October delivery<br \/>\n        PL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210261555\/delayed\" class=\"positive\">+0.63%<\/bg-quote><br \/>\n      \u00a0<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.63%<\/bg-quote><br \/>\n       increased by $4.30, or 0.5%, to $895.60 per ounce. <\/p>\n<\/li>\n<li>\n      Copper futures for September delivery<br \/>\n        HG00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210054311\/delayed\" class=\"positive\">+0.78%<\/bg-quote><\/p>\n<p>        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"positive\">+0.78%<\/bg-quote><br \/>\n       rose by 3 cents, or 0.9%, to $3.69 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>There has been a \u201cdirect line between gold\u2019s recent losses and the rise in long-term Treasury yields,\u201d Michael Armbruster, managing partner at Altavest, told MarketWatch, adding that a strengthening dollar has been a headwind as well.\u00a0<\/p>\n<div class=\"paywall\">\n<p>The yield on the 10-year Treasury note<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       popped above 4.3% to its highest level since the 2008 global financial crisis. <\/p>\n<p>Hawkish comments included in the minutes from the Federal Reserve\u2019s July policy meeting released on Wednesday have helped push global bond yields to their highest levels in 15-years, according to Edward Moya, senior market analyst at OANDA. <\/p>\n<p>\u201cGold\u00a0prices are trying to recover after some hawkish Fed minutes kickstarted a global bond market selloff.\u00a0 Bond yields are too high as more people become convinced inflation is not going away anytime soon,\u201d Moya said in emailed commentary. <\/p>\n<p>When yields rise, the opportunity cost of holding low or zero-interest-bearing assets, including include gold and silver, rises, explained Fawad Razaqzada, market analyst at City Index and FOREX.com. <\/p>\n<p>On top of that, there are \u201cconcerns about demand from China where the economy is evidently at a standstill,\u201d he said. When China\u2019s economy isn\u2019t doing well, \u201cthis tends to impact demand or perceived demand for the metal in a negative way.\u201d\u00a0<\/p>\n<p>Meanwhile, the ICE U.S. Dollar Index<br \/>\n        DXY<span>,<\/span><br \/>\n       a gauge of the dollar\u2019s value against major currencies, was down slightly at 103.39 in Thursday dealings, but up 0.5% week to date. <\/p>\n<p>Despite strength in U.S. Treasury yields and the recent rise in the dollar, \u201cgold has held together fairly well,\u201d said Altavest\u2019s Armbruster. \u201cThis suggests to us that gold could rally should investor appetite for safe havens increase if risk assets see more substantial declines.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-inch-higher-struggling-to-snap-longest-losing-streak-in-6-years-23e15310?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures ended lower on Thursday to tally a ninth straight session decline, the longest streak of daily losses since 2017, with the yellow metal pressured by rising global bond yields and overall strength in the U.S. dollar. Price action Gold futures for December delivery GC00, -0.49% GCZ23, -0.49% declined by $13.10, or 0.7%, to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-49767","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 tally a 9th straight session decline | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures ended lower on Thursday to tally a ninth straight session decline, the longest streak of daily losses since 2017, with the yellow metal\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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