{"id":49920,"date":"2023-08-18T02:59:57","date_gmt":"2023-08-18T06:59:57","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-settles-lower-for-8-straight-sessions-suffers-worst-losing-streak-in-more-than-6-years\/"},"modified":"2023-08-18T02:59:59","modified_gmt":"2023-08-18T06:59:59","slug":"gold-settles-lower-for-8-straight-sessions-suffers-worst-losing-streak-in-more-than-6-years","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=49920","title":{"rendered":"Gold settles lower for 8 straight sessions, suffers worst losing streak in more than 6 years"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002404554\" role=\"document\">\n<p>Gold prices fell for eighth consecutive session on Wednesday, settling at their lowest levels since July 6, as higher Treasury yields and a firm U.S. dollar kept the pressure on the yellow metal. <\/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=\"positive\">+0.35%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"positive\">+0.35%<\/bg-quote><br \/>\n       were down by $6.90, or 0.4%, to settle at $1,928.30 per ounce 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\">+0.24%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+0.24%<\/bg-quote><br \/>\n       delivery lost 12 cents, or 0.5%, to end at $22.54 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\">+0.74%<\/bg-quote><\/p>\n<p>        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+0.74%<\/bg-quote><br \/>\n       fell by $26.20, or 2.1%, to finish at $1,212.40 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\">+0.37%<\/bg-quote><\/p>\n<p>        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.37%<\/bg-quote><br \/>\n       lost 90 cents, or 0.1%, ending at $891.30 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=\"negative\">-0.15%<\/bg-quote><\/p>\n<p>        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"negative\">-0.15%<\/bg-quote><br \/>\n       dropped 1 cent, or 0.3%, to settle at $3.66 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold prices fell for eight straight sessions with the benchmark 10-year U.S. Treasury note yield edging higher after seeing the highest levels since 2008 earlier this week. <\/p>\n<div class=\"paywall\">\n<p>In the Federal Reserve\u2019s July meeting\u00a0minutes, most senior officials said additional monetary policy tightening may be necessary to bring down inflation as they continue to see \u201csignificant upside risks\u201d to it. <\/p>\n<p>Treasury yields remained higher<strong>\u00a0<\/strong>on Wednesday\u00a0afternoon with the yield on the 10-year Treasury note<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       up 3 basis points to 4.25%. The yield on the policy-sensitive 2-year Treasury<br \/>\n        BX:TMUBMUSD02Y<br \/>\n       advanced by 2 basis points to 4.97%, according to FactSet data. <\/p>\n<p>Rising crude-oil prices and stronger-than-expected U.S. economic growth stoked fears that inflation could re-accelerate, potentially forcing the Fed and other central banks to continue raising interest rates which could weigh on the prices of the yellow metal.<\/p>\n<p>\u201cIn the commodity arena, gold has been drifting lower this month, stuck below a short-term downtrend line as the\u00a0forceful rally in real yields and the dollar\u2019s revival have taken the shine out of the precious metal,\u201d said Marios Hadjikyriacos, senior investment analyst at XM, in emailed commentary.<\/p>\n<p>\u201cOne could argue that gold being just 8.5% away from record highs despite the sharp spike in real yields is encouraging in itself, but equally, it\u2019s difficult to envision what will slingshot bullion back higher in the absence of a recession,\u201d  Hadjikyriacos  said.<\/p>\n<p>The ICE U.S. Dollar Index<br \/>\n        DXY<span>,<\/span><br \/>\n       a gauge of the greenback\u2019s strength against a basket of rivals, rose 0.1% on Wednesday at 103.30. <\/p>\n<p>In U.S. economic data, housing starts\u00a0rose\u00a03.9% month-over-month to 1.45 million in July, the government said Wednesday. A persistent lack of listing for the sale of existing homes has pushed more home buyers to consider newly built homes, prompting home builders to ramp up construction of new U.S. homes last month. <\/p>\n<p>U.S. industrial production rose 1% in July following declines in the previous two months, the Federal Reserve reported on Wednesday. The rebound was lifted by a 5.2% rise in the production of motor vehicles and parts. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-slightly-firmer-after-seeing-1-month-lows-87f4a0e?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices fell for eighth consecutive session on Wednesday, settling at their lowest levels since July 6, as higher Treasury yields and a firm U.S. dollar kept the pressure on the yellow metal. Price action Gold futures for December delivery GC00, +0.35% GCZ23, +0.35% were down by $6.90, or 0.4%, to settle at $1,928.30 per [&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-49920","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 settles lower for 8 straight sessions, suffers worst losing streak in more than 6 years | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices fell for eighth consecutive session on Wednesday, settling at their lowest levels since July 6, as higher Treasury yields and a firm U.S.\" \/>\n<meta name=\"robots\" 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